The South India Engineering Manufacturers Association (SIEMA) announced that pumpset prices will increase by 7.5 percent to 10 percent from April 2025 due to rising raw material costs. Copper prices have surged 50percent in the past year, forcing manufacturers to raise prices for the second time since October 2024.
Coimbatore: The South India Engineering Manufacturers Association (SIEMA) has announced that pumpset prices will be increased by 7.5% to 10% starting April 2025, citing persistent rise in raw material costs.
This comes after pumpset prices were already raised by 10% in October 2024 due to escalating raw material costs. The situation has not stabilized, forcing manufacturers to implement another price hike within six months.
Speaking on the issue, SIEMA President Mithun Ramadas stated that while global instability caused by the Iran-Israel conflict has affected many countries, India has managed to avoid major disruptions. He praised Prime Minister Narendra Modi's handling of the situation.
However, the raw material price crisis continues to pose significant challenges for the industry despite various support measures from the Central Government to help manufacturers navigate the difficult economic environment.
Copper, a key raw material in pumpset manufacturing, has witnessed a dramatic 50% price increase over the past year. The price per kilogram has surged from Rs 850 to Rs 1,200. Similarly, prices of other essential raw materials including steel and aluminum have been rising continuously.
The October 2024 price hike of 10% was implemented to counter the industry crisis. However, with the problem remaining unresolved, manufacturers are compelled to increase prices again by 7.5% to 10% from April 2025.
Mithun Ramadas urged the Central Government to take immediate action to address the raw material price escalation issue, considering the growth and sustainability of the pumpset industry. He also called for reducing the GST tax rate on pumpsets from the current 12% to 5% to provide relief to both manufacturers and farmers who depend on these products.
The pumpset industry plays a crucial role in supporting agricultural operations across the country, particularly in Tamil Nadu where Coimbatore serves as a major manufacturing hub.
This comes after pumpset prices were already raised by 10% in October 2024 due to escalating raw material costs. The situation has not stabilized, forcing manufacturers to implement another price hike within six months.
Speaking on the issue, SIEMA President Mithun Ramadas stated that while global instability caused by the Iran-Israel conflict has affected many countries, India has managed to avoid major disruptions. He praised Prime Minister Narendra Modi's handling of the situation.
However, the raw material price crisis continues to pose significant challenges for the industry despite various support measures from the Central Government to help manufacturers navigate the difficult economic environment.
Copper, a key raw material in pumpset manufacturing, has witnessed a dramatic 50% price increase over the past year. The price per kilogram has surged from Rs 850 to Rs 1,200. Similarly, prices of other essential raw materials including steel and aluminum have been rising continuously.
The October 2024 price hike of 10% was implemented to counter the industry crisis. However, with the problem remaining unresolved, manufacturers are compelled to increase prices again by 7.5% to 10% from April 2025.
Mithun Ramadas urged the Central Government to take immediate action to address the raw material price escalation issue, considering the growth and sustainability of the pumpset industry. He also called for reducing the GST tax rate on pumpsets from the current 12% to 5% to provide relief to both manufacturers and farmers who depend on these products.
The pumpset industry plays a crucial role in supporting agricultural operations across the country, particularly in Tamil Nadu where Coimbatore serves as a major manufacturing hub.