• Download mobile app
08 Jul 2020, Edition - 1821, Wednesday

Trending Now

  • ‘Low interest rate regime critical for survival of banks’, says K V Kamath.
  • . Arvind Kejriwal asks Health Secy to share detailed analysis of factors behind COVID-19 deaths in Delhi.
  • 3 lakh Indian students stare at uncertainty after new US visa rule.
  • Rahul Gandhi claims government has failed on three counts including COVID-19.
  • India reports spike of 24,248 new COVID-19 cases and 425 deaths; count nears 7 lakh mark.
  • Kanpur encounter probe: Reward for information on gangster Vikas Dubey has been increased from Rs 1 lakh to Rs 2.5 lakh.


400 foundries down shutters for two days protesting against rising raw material price

Covai Post Network

Coimbatore : Seeking redressal of their problems like increased raw material prices and refund of GST, nearly 400 foundries in the area downed shutters for two days starting today.

According to sources in the Small and Medium Foundries Association, price of raw materials prices like pig iron and chemicals used in castings, had gone up by 30 to 90 per cent in the last four months.

Kings XI give Sunrisers first shock

The closure of the foundries would result in production loss of nearly Rs 100 crore per day and affect nearly 8 lakh employees, both direct and indirect.

The shutting down the business for two days, would have cascading effect on other industries like motor and pumps, wet grinders and engineering component manufacturing plants, they said.

Though the foundry industry had requested the State and Central governments to look into the issue, nothing had been done, they said. The price of raw material was increasing for the last two months by 20 per cent, due to closure of quarries in Goa, the sources said, adding that GST of 18 per cent also taken a toll on the turnover. Many industries and trade unions had extended support to the agitation.

Subscribe To Our Newsletter