Cartel in cement, steel industries: Nitin Gadkari

Union Minister for Road Transport and Highways Nitin Gadkari has said there is a cartel in the cement and steel industries and cement factories are exploiting the situation in the real estate sector, as prices of the two commodities rise.

"Cement factories are exploiting the situation. It's not in national interests. We are planning to implement infrastructure projects worth Rs 111 lakh crores in the next five years. If rates of steel and cement continue like this, it'll be very difficult for us," Gadkari was quoted as saying by news agency ANI.

"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 minister added. Gadkari made the comments during an interaction with members of the Builders' Association of India, Western Region via video conferencing.

The Builders' Association of India, Western Region recommended creating a regulatory authority for the steel and cement industries, ANI reported. Gadkari said he will forward the suggestion to the Ministry of Finance and Prime Minister Narendra Modi.