Just days after Union Minister Nitin Gadkari’s remark about inflating prices and cartelisation in the cement and steel industry, and builder association’s demand for a regulatory authority for these industries, South Indian Cement manufacturers have lashed back.
Cement manufacturers from the Southern India have created a new body – South India Cement Manufacturers Association (SICMA) which will be headed by Mr. N Srinivasan, Vice Chairman and Managing Director, India Cements.
In its very first press briefing SICMA alleged that the poor growth of housing sector is responsible for struggling cement industry and in-turn India’s growth. They were quoted saying “this was due to the artificially high price of flats/houses. There is a clear cartel working among builders under the banner of CREDAI and BAI, who are holding on to prices despite having a margin of more than 100 per cent”.