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Maha traders against proposed amendments in Iron and Steel Act

iron and steel sector

Mumbai : Steel traders from Maharashtra have asked the Centre not to bring “license raj” into the iron and steel sector, which according to them will affect enterprises and ultimately result in the failure of Prime Minister Narendra Modi’s ‘Make in India’ initiative.

Steel manufacturers have also warned that a proposed amendment in the Iron and Steel Act will a create monopoly of a few business houses and will increase construction costs that will directly affect the common man.

According to Nikunj Turakhia President of Bombay Iron Merchant’s Association (BIMA) the Union Steel ministry is bringing an amendment in the Iron and Steel Act.

“This is a fight against a few Indian steel manufacturers who do not want to compete with international standards and have misguided the Modi government to bring a ban on the import of steel, especially from China.

“At the same time they want to create a monopoly over this sector and hence have demanded control over Small and Medium enterprises (SME) and Micro, Small and Medium Enterprises (MSME) of steel and iron,” Turakhia said.

He further claimed that the the proposed amendment in the Act has suggested that all steel and iron traders as well as local and international steel manufacturers have to register with the Board of Indian Standard (BIS).

“Small traders, stockists and distributors will have to open their stock for scrutiny or inspection at any time. Inspector of the Steel and iron department can raid, seize and scrap the material if it is found to be not registered with BIS. This will bring the license raj system back in the country and result in the failure of PM Modi’s Make in India project,” he said.

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