West Asia conflict hits over 9.6 million small Uttar Pradesh businesses
The conflict in West Asia is making life tough for more than 9.6 million small businesses in Uttar Pradesh.
Thanks to disrupted trade, prices for essentials like aluminum have shot up, and running costs are climbing fast.
"Recent hikes in prices of aluminum, ferrous and non-ferrous metals need to be regulated. It is affecting the machinery and building material manufacturing industries and increasing overall project and production costs," said Dinesh Goyal, national president of the Indian Industries Association (IIA).
MSMEs seek government intervention
MSMEs are asking the government to step in: think stabilizing raw material prices, lowering import duties on key supplies, and cracking down on black marketing and hoarding.
They also want reliable access to industrial gasses, relaxed compliance rules for now, and some financial relief, similar to what was offered during the COVID-19 pandemic, to help them ride out this rough patch.