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Punjab, STC tie up to stabilise steel prices

CHANDIGARH: To stabilise domestic steel prices, the State-owned Punjab Small Industries and Export Corporation (PSIEC) will enter into an agreement with the State Trading Corporation (STC) next month. The move is aimed at providing raw material to the steel consuming industries, especially small and medium enterprises of the State, at reasonable prices.

“Under this initiative, PSIEC and STC will jointly work out a system whereby efforts would be made to stabilise the prices of steel and then supply it to the steel consuming industry of the SME (small and medium enterprises) sector of the State,” Punjab’s Principal Secretary (Industry & Commerce) A.R. Talwar told reporters here on Thursday.

Hoping to sign the agreement next month, Mr. Talwar said the two corporations would evolve a system through which the raw material could be procured from different sources to check the prices of steel and other materials.

Presently PSIEC is one of the resources available to SMEs for getting raw material for consumption.

To encourage private participation for setting up Inland Container Depots and Container Freight Station, the State Government has decided to offer incentives in the shape of reduced Change in Land Use (CLU) charges. “So far, we have received proposals for setting up two ICDs in Amritsar and Ludhiana for which three companies have applied,” he said.

To ascertain the potential for exportable items in the State, the Punjab Government is conducting a study through the Indian Institute of Foreign Trade. “The survey will highlight the items which have potential for export from Punjab,” he said.

To boost the manufacturing sector of the State, a study is being conducted with the financial assistance of UNIDO and government of India, after which the Punjab government would take initiatives to improve the health of the industry. – PTI

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Punjab, STC tie up to stabilise steel prices

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