He also welcomed the FM's announcement on reduction of import duty on raw materials of steel and increasing the export duty on iron ores and steel intermediaries.
Coimbatore: On behalf of CODISSIA and its member industries, M V Ramesh Babu, President, CODISSIA welcomed the announcement made by the Minister for Finance and Corporate Affairs, Nirmala Sitharaman regarding the reduction in customs duty on raw materials and intermediaries for plastic products, considering the high import dependence of plastic products, and thereby reducing the cost of final products.
The CODISSIA President thanked the Finance Minister for issuing the Government Order on May 21 by reducing the import duty on raw materials of steel and increasing the export duty on iron ores and steel intermediaries. He was confident that the raw material prices will come down drastically for the benefit of the MSME industries.
"We also welcome the announcement made by the Finance Minister for reducing the Central Excise Duty on petrol by Rs. 8 per litre and on diesel by Rs. 6 per litre, thus leading to the decrease of petrol prices by Rs. 9.50 per litre and diesel prices by Rs. 7 per litre. We are sure the freights charges will come down due to the reduction in diesel and petrol prices which will help MSMEs and also the common man, and will cool the inflation trajectory going ahead. So, we thank the Finance Minister for the same and request for consideration of further reduction in petrol and diesel prices," added the CODISSIA President.
The CODISSIA President thanked the Finance Minister for issuing the Government Order on May 21 by reducing the import duty on raw materials of steel and increasing the export duty on iron ores and steel intermediaries. He was confident that the raw material prices will come down drastically for the benefit of the MSME industries.
"We also welcome the announcement made by the Finance Minister for reducing the Central Excise Duty on petrol by Rs. 8 per litre and on diesel by Rs. 6 per litre, thus leading to the decrease of petrol prices by Rs. 9.50 per litre and diesel prices by Rs. 7 per litre. We are sure the freights charges will come down due to the reduction in diesel and petrol prices which will help MSMEs and also the common man, and will cool the inflation trajectory going ahead. So, we thank the Finance Minister for the same and request for consideration of further reduction in petrol and diesel prices," added the CODISSIA President.