While speaking with members of the Builders’ Association of India, Western Region via video conferencing on 10th January 2021 Union Minister Mr. Nitin Gadkari said “Cement factories are exploiting the situation. It’s not in national interests. We are planning to implement infrastructure projects worth Rs 111 lakh crore in the next five years. If rates of steel and cement continue like this, it’ll be very difficult for us“.
He further added, “There is a cartel in the cement and steel industry. 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 (the reason behind it)”. The Builders’ Association of India, Western Region, put forward the demand of creating a regulatory authority for the Steel and Cement industries to which Mr. Gadkari said he will forward the suggestion to Union Ministry of Finance and Prime Minister Narendra Modi.