In the last one year, steel manufacturers have suffered a big blow due to uncontrollable rise in the rates of steel. According to them, there has been 20 to 100% increase in the rates of different types of steel products since July 2020, despite a huge fall in the demand for steel.
As a result of this, every singleMSMEunit is suffering huge losses and several units have closed down their operations temporarily. If the government fails to take steps to counter the situation, it is certain that a large number of factories will close down permanently.