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

BRICS media wrestle with disinformation challenge in COVID-19 fight

News media around the world, especially newspapers and also other forms of media, have taken a big hit during...

Police silent as parties distribute money to voters

In the month of October, during the byelection for Dubbak assembly, police on ‘credible information,’ on October 26, raided the house of a relative...

Bigg Boss 14: Nikki Tamboli reveals she was once kidnapped

Written by Sana Farzeen | Mumbai | November 30, 2020 9:21:27 pm Nikki Tamboli will share her big secret on Bigg Boss 14. (Photo:...

Gold Set For Worst Month Since 2016 Amid COVID-19 Vaccine Optimism

<!-- -->Spot gold has shed 5.6% so far this month.Gold dropped to a five-month low on Monday and was on track for its worst...

More Articles