News 

Businessmen have sent a representation to the Prime Minister and the Union finance minister expressing disappointment over the price hike of Rs 7,000 per ton of iron and steel and requesting them to look into the matter. The industrialists felt that the price hike is unjustified as prime steel producers have set up a cartel to take undue advantage of small scale manufacturers. They have also decided to go on indefinite hunger strike from January 11, if their demands are not met.

This issue was the highlight in a meeting of various associations led by Fastener Manufacturers Association of India ( FMAI) , Chamber of Industrial and Commercial Undertakings (CICU) and United Cycle and Parts Manufacturers Association (UCPMA) that took place at the Punjab Trade Centre.

Giving more details Narinder Bhamra, president of FMAI said, "The export duty on exports of steel should be imposed to check the export of steel from India. We have also requested the government for formation of steel regulator and bringing steel raw material under the essential commodities act. It was unanimously decided by all present that if our demand are not met, we will go on an indefinite hunger strike from January 11."