PM urged to curb cement cartelisation

The Builders Association of India (BAI) has urged Prime Minister Narendra Modi to constitute a cement regulatory authority for the sector to curb cartelisation and ‘undue profiteering’ by manufacturers.

In a letter to the PM, BAI president Mu. Moahan asserted such an authority would prevent manufacturers from indulging in unethical trade practices which have been causing irreparable damage to the country’s economic growth and hurting the interests of the construction industry.

BAI has substantiated its demand with the rules and observations of various statutory bodies like Competition Commission of India, Monopolies of Restrictive Trade Practices Commission (MRTPC), submissions in Parliament and its statutory committees.

Citing all these, the association has urged the Prime Minister to constitute a cement regulatory authority on the lines of the ones constituted for the telecom, real estate, insurance and aviation sectors.

“Infrastructure and housing sectors are enablers of economic growth and cement is a basic input,” Mr. Mohan said. “The cement industry, however, indulges in cartelisation for profiteering,” he alleged. The cement industry was de-controlled in 1989 and de-licensed in 1991 under the economic liberalization policy. Decisions of installation of new plants are taken by the industry based on market demand.

Disclaimer: This post has not been edited by our staff and is published from a syndicated feed. The Original Source of this post can be found at Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest

Facebook’s oversight board upholds Trump’s suspension from the platform

While uploading the suspension, the board faulted Facebook for the way it made the decision. Former U.S. President Donald Trump...

No meeting of GST council called in last 6 months: Punjab...

The GST council had not met in the last six months in violation of its own rules that a meeting should be held once...

Safari 14.1 Released With Bug Fixes for macOS Catalina, macOS Mojave...

Apple has released a new Safari 14.1 update for macOS Catalina and macOS Mojave users after pulling it just a few days ago,...

In Times Of A Pandemic, How To Have A Sound Financial...

<!-- -->Planning and budgeting your monthly expenses and keeping contingency money is critical.We are living in perhaps the most uncertain of times. The...

Infant chokes to death

She was born to a 71-year-old woman Disclaimer: This post has not been edited by our staff and is published from a syndicated feed. The...

More Articles