Around 50,000 Micro Small and Middle Enterprises (MSMEs) downed their shutters in the district on Monday to draw the attention of the authorities to the skyrocketing prices of raw materials used in various industries. The one day closure resulted in the production loss of around Rs 1,500 crore as the industries manufacture all types of spare parts for two-wheelers to six-wheelers, motor and pumps, defence and naval sectors, wet grinders, foundries and plastic industries, industry sources said.

Share Market Live

NSE

The prices of raw materials have been increasing in the last one year, rising from 40 per cent to 70 per cent and some times 100 per cent, which was leading to loss of job orders for majority of the industries, even as 40 industrial associations extended support to the call given by All-India Council of Association of MSMEs for the nationwide stir, president of Tamil Nadu Association of Cottage and Tiny Enterprises J James said. Major industrial areas like Peelamedu, SIDCO, Kinathukaavu, Thudiyalur fell silent owing to the day-long strike.

Besides taking steps to bring prices under control, the Central government should form a committee to fix the rate of various raw materials, James said.