|  |  | 

India Top Headlines

Large steel and cement companies that operate like a cartel; need to place regulator: Gadkari | India News

img-responsive

NEW DELHI: Big players in the steel and cement industry are indulging in the cartelization of rising prices, Union Road Transport Minister Nitin Gadkari said, raising concerns about its impact on projects infrastructure.
In response to a suggestion from the Western Region Indian Builders Association that the government should establish a regulator for this cement and iron on Saturday, Gadkari said: “We are in the process of finding the solution for that. His one of the recommendations is a regulator for steel and cement, which is also a good suggestion. I’ll look into it … I’ll take it to the finance minister and the prime minister. ”
Earlier, Gadkari had written to the prime minister citing how companies were artificially raising prices and had sought his intervention.
Speaking at the BAI event, the minister said that it will be difficult to achieve Prime Minister Narendra Modi’s dream of making India a $ 5 trillion economy if steel and cement prices continue to rise, Gadkari said, pointing to the goal of investing. Rs 111 lakh crore in infrastructure projects over the next five years to help the economy.
The minister said that he has discussed the issue with the prime minister and also had a lengthy discussion with the chief secretary of the PMO.
By stating that all steel industry players have their own iron ore mines and do not have to face any increase in labor or electricity rates, he wondered how the steel industry has raised prices. He said the cement industry is exploiting the situation by raising prices and stressed that the stance of both industries is not in the national interest, given aligned infrastructure spending. “… It is also one of the important issues that also concern me a lot,” he reiterated.
According to an official statement, BAI also requested a mechanism for the early release of bills against government contracts, streamlining the implementation of the GST and the payment of royalties by state governments during the meeting with the minister.

Times of India

large-steel-and-cement-companies-that-operate-like-a-cartel-need-to-place-regulator-gadkari-india-news

ABOUT THE AUTHOR