Fastener Manufacturers Association of India gives suggestions to PM on Union Budget

Ludhiana, January 22, 2015: Narinder Bhamra, President, Fastener Manufacturers Association of India has written to the Prime Minister Narendra Modi, with regard to the Union Budget for next fiscal (2015-16). 

He said “Fasteners are made using Wire ROD (STEEL), steel mills in India would generally price their products much higher than International Market, we need government support to permit us duty free or concessional duty on import of steel in India to produce fasteners. We can share complete data if required, confirming price gap in between Indian steel companies and that of steel Mills in China, Europe and USA. Steel for fasteners is highly priced, if import option is available at zero percent duty, steel prices in India would remain stable and hence help manufacturers to promote Make In India fasteners.” 

Further, he wrote that “It’s a known fact that China has been dumping fasteners

Worldwide at very low prices. Complete European Union has imposed Anti Dumping Duty on fasteners upto 80%,and we would seek help of PMO to help local manufacturers of Fasteners by imposing appropriate duty on imported fasteners from China. We have complete date to cover this point also.”

He added, “Fasteners Industry is mostly in Northern India and there is no sea port, we face this problem on regular basis wherein the trains would take a long time to reach port and cost of freight is also very high, we request PMO to help us with subsidy in freight at least so that we may become more competitive in International market.”