Engineering exporters' body EEPC India said the Minimum Import Price (MIP) on steel is resulting in an inversion of duty with imports of finished goods increasing at a far more rapid speed than raw material, reported PTI. "Any inversion in duty at this stage would be a big setback to the government's flagship programme of Make in India where the entire focus is on taking the country several notches up on the value and technology chain so that we become a factory of the world," EEPC India Chairman T S Bhasin said as per the media report.

According to an analysis by EEPC India, imports for the finished goods in the form of products of steel and iron, measured by volume increased in the range of 22.5 per cent and 51 per cent between June and August this year. On the other hand, imports by way of steel and iron used purely for raw material dropped between 16 and 33 per cent in quantity terms between June and August.

The MIP ranges between USD 341-752 per tonne. The government earlier levied MIP on 173 steel products ranging from USD 341 to USD 752 per tonne on 5 February 2016, which was valid for six months from the date of the notification. For More Information RipplesAdvisory,Ripples_Advisory,Ripples Market Tips Ripplesadvisory.com and you can call us on :-9827808090.