"Cement factories exploiting real estate market situation: Nitin Gadkari"
Union Road Transport Minister Nitin Gadkari has said that the steel and cement industry are give way to rise the prices of the sectors.
It will be difficult to achieve Prime Minister Narendra Modi's dream of making India a USD 5 trillion economy if the steel and cement prices keep going up, Gadkari said, pointing out the target of investing ₹111 lakh crore on infrastructure projects in the next five years to aid the economy. Union Minister Nitin Gadkari has also stated that he had a long discussion with the prime minister and also with the PMO regarding the issues.Stating that all the players in the steel industry have their own iron ore mines, and do not have to face any hikes in labour or power rates, he wondered how the steel industry has been hiking prices.
He said the cement industry is exploiting the situation by hiking up the prices, and underlined that the stance of both the industries is not in the national interest, given the infrastructure spends lined up.
We are in the process of finding out the solution for that. Your (BAI's) one of the recommendations is for a regulator for steel and cement, which is also a good suggestion. I will look into it Gadkari said.
The minister, however, conceded that having a regulator is not in his hands and promised to speak with the Finance Ministry and the Prime Minister to get the proposal moving.