Gadkari Lashes Out At Steel And Cement Sectors Players Over Cartelisation And Price Hikes

While interacting with the Builders' Association of India (Western Region), Union Minister for Road Transport and Highways Nitin Gadkari yesterday (9 January) lashed out on the cement and steel sectors, alleging cartelisation by the industry players, reports Business Standard.

Gadkari asserted, "Cement factories are exploiting the situation. It's not in national interests. We are planning to implement infrastructure projects worth Rs 111 lakh crores in the next 5 years. If rates of steel and cement continue like this, it'll be very difficult for us."

Gadkari further reasoned, "Every steel company has its own iron ore mines and there has been no increase in labour and power costs but they are increasing rates. It is difficult for me to understand."

This comes just weeks after Gadkari had also written the Prime Minister's Office (PMO) and Union Minister for Steel Dharmendra Pradhan over the 55 per cent hike in steel prices by industry players over the past six months.

Gadkari had then warned that if the players didn't curb the price hikes, the Government would have to change policies and encourage alternative technologies in projects.