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LATEST NEWS UPDATES | Don't boycott China, say MSMEs! Input cost will shoot 40% -Nirbhay Kumar

Don't boycott China, say MSMEs! Input cost will shoot 40% -Nirbhay Kumar

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published Published on Jun 19, 2020   modified Modified on Jun 24, 2020

-Business Today

MSMEs don't want the government to impose tariffs that will make buying raw materials from China difficult - all other countries sell lot more expensive

* Higher tariff on key raw materials from China will raise input cost by 10-40% for MSMEs

* Industry bodies want the government to chart out long-term plan for gradual import substitution

* Ad-hoc measures like raising tariff and putting trade barriers could end up hurting local industry more than China

* Trade experts say that the best way to respond would be to make the economy stronger

Coronavirus-hit MSMEs have urged the government to avoid knee-jerk policy measures in response to China's military aggression on the border as they can have devastating impact on businesses. The MSMEs say a hike in import duty or placing of non-tariff barrier on items can make input cost expensive by 10-40%. Since the small companies are already reeling under coronavirus impact, any further blow will be a death knell.

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Business Today, 19 June, 2020, https://www.businesstoday.in/current/economy-politics/dont-boycott-china-say-msmes-input-cost-will-shoot-40/story/407456.html?fbclid=IwAR25D7-ADtUw_5imdQVNC-v4QyHRn7dBm-yVsZ9uofy-h7AILK8lGvMmB4w


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