The Indian engineering quartz industry is facing a financial crisis following the U.S.’s implementation of a 50% tariff on Indian quartz stone exports. This tariff effectively eliminates the industry’s competitiveness in the U.S. market, which accounts for 95% of its production. The Federation of Quartz Surface Manufacturers of India (FQSMI) has submitted a proposal to the Prime Minister seeking comprehensive government intervention.
The industry’s demands include a three-year moratorium on loan repayments, a 50% interest rate subvention, and a reduction in GST on quartz products from 18% to 5% to boost domestic competitiveness. The industry is also requesting permission to use 25% of its existing working capital to develop new export markets. Other proposals include import restrictions on marble and stone products and a ₹500 crore allocation for new market development initiatives.