MIP “not a savior” for Steel anymore
Recently Indian Government has increased the Minimum Import Rate (MIP) on 66 items which was earlier applied on 176 items with the stretch of Two months. The latest proposition was last nail on the coffin of already sinking ship of Steel Industry in India. It’s been a while that Indian Steel Industry has been suffering a downfall as the price of steel is gradually decreasing. The major reason behind the crashing down of steel price is that it has not been able to match up with the steel imports from China, Japan and South Korea which is comparatively cheaper than Indian Steel import. Top notch Indian organization of Steel i.e. SAIL, TATA Steel, ESW Steel and ESSAR Steel has held government as the last assurance to take a protectionist measure on cheap import of steel. The current MIP can be a temporary cure but it will not be helpful in the long run because it will only run for two months and such short span of time is not enough to unburden the monetary losses that st