Engineering exporters body EEPC has said that the imposition of minimum import price on certain steel products will have a serious debilitating impact on the sectors' exports which are already declining. Commenting on the issue, an Engineering Export Promotion Council (EEPC) Official told the media, “The introduction of Minimum Import Price (MIP) on steel products will raise the cost of raw materials for engineering products by about 6-10 per cent.” "Segments like auto and auto parts, industrial and electrical machinery, products of MSME sector, which in any case have low margins and are facing cut throat competition will face sudden escalation in raw material price, giving a further jolt to the exporters," he added. As per reports, the Government recently imposed a minimum import price (MIP) on 173 steel products ranging between USD 341 to USD 752 per tonne.
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