New Delhi: India's seamless pipe manufacturers contribute around USD 1.4 billion (around Rs 11,600 crore) in foreign exchange annually by reducing imports significantly and selling made-in-India products overseas, industry body STMAI said on Wednesday.
"Indian manufacturers are today supplying several critical seamless pipe products that were earlier imported. This has resulted in an estimated foreign exchange saving of USD 600-700 million annually through import substitution," Seamless Tube Manufacturers' Association of India (STMAI) President Shiv Kumar Singhal said.
