The Kovai Power Driven Pumps and Spares Manufacturers' Association has expressed concern over the steep increase in raw material prices.
Association president K. Maniraj has said in a release that cost of one kilogram casting materials was Rs. 50 now as against Rs. 38 in January. Similarly the prices of copper wire and stampings had also gone up. Since January the cost of inputs for pumpsets were shooting up. The units were also hit by power cut.
The pumpset manufacturers would be forced to increase the prices of their products by 25 per cent if measures were not taken to control the raw material prices. The hike in prices would also lead to closure of industries and job losses, he said.
Keywords: Price escalation