Business News | Rising Raw Material Costs Are Being Absorbed to Protect Consumers: Industry Leaders
Get latest articles and stories on Business at LatestLY. Industry leaders on Tuesday supported Prime Minister Narendra Modi's recent appeal for fuel conservation, reduced imports and responsible consumption amid global uncertainty and rising energy prices linked to the ongoing West Asia conflict.
New Delhi [India], May 12 (ANI): Industry leaders on Tuesday supported Prime Minister Narendra Modi's recent appeal for fuel conservation, reduced imports and responsible consumption amid global uncertainty and rising energy prices linked to the ongoing West Asia conflict.
In an exclusive conversation with ANI on the sidelines of CII Annual Business Summit 2026, T. T Ashok, MD, Taylor Rubber Pvt Ltd, said industries are aligned with the Prime Minister's message and stressed that there is no need for panic over fuel availability.
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"I think the Prime Minister's message, which we as industry completely accept, is we have to be cautious in our using of fuel," Ashok said.
He said using fuel conservatively and avoiding wasteful consumption makes economic sense, especially when global fuel prices have increased sharply.
Ashok praised the government for maintaining stable prices of petrol and LPG despite rising international prices.
"The government has done a wonderful job in maintaining prices of fuel, whether it is petrol or LPG, to households," he said. He also urged people not to panic over fuel shortages.
"There is no shortage. I think industry is completely aligned with what the Prime Minister says," he stated.
According to Ashok, some panic has been created among people regarding fuel and gas availability, but industries and households should avoid unnecessary concerns.
"Don't go into a mode where you think fuel is not available to move our trucks or household gas is not available. It is all there," he added.
Ashok further said companies are trying to absorb rising input costs instead of passing the burden directly to consumers.
"In my rubber industry, raw material prices are up by 25 to 40 per cent. We are already paying for that. We are taking the hit," he said.
He added that companies are hoping prices stabilise in the coming months because industries do not want to increase the burden on consumers and households.
Speaking on exports, Ashok said Europe continues to remain a difficult market due to weak economic conditions and extended logistics timelines.
"Our main exports are to Europe. Europe has been on a downward trend in the last couple of years," he said.
Meanwhile, Piruz Khambatta, Chairman and Managing Director, Rasna International, also supported the Prime Minister's appeal and said it is important to plan ahead during uncertain times.
"It is not that something drastic will happen tomorrow, but it is always better to plan in advance," Khambatta said.
He said reducing imports and promoting Indian-made products would benefit the country economically. "Reducing imports and adopting indigenous products benefits India," he stated.
Khambatta also linked the Prime Minister's message to long-term environmental and agricultural concerns.
"For example, excessive use of urea has harmed agriculture, and there is now a need for organic farming," he said.
He further urged industries and consumers to support local manufacturing and Indian products. "Industries should first reduce imports of all kinds of products as much as possible. We should buy Indian and promote Indian products," Khambatta added. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)