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Thursday
January 2021
4:46 AM IST
News Headlines
Unlucky Kerala shares spoil with Jamshedpur        England team lands in Chennai, Indians arrive in batches for first two tests        Israel military revising operational plans against Iran        France's Sanofi to boost Pfizer vaccine supply amid EU shortages        Hero MotoCorp to commence its operations in Mexico soon        GHIAL to raise US $300 Mn through bond issue for Hyderabad airport expansion        Cabinet approves MSP of Copra for 2021 season        Rajnath speaks to his US counterpart, the two NSAs also talk, Indo-US ties to deepen further        RJD should cancel it's proposed human chain in view of Republic Day violence: Sushil        Two farmer unions withdraw from protest against farm laws        One million COVID-19 vaccine doses administered in India in just 6 days: Health ministry        England near Sri Lanka's 1st innings total after Root's 186        Srikanth resumes training after BAI gets mandatory quarantine time reduced        Melbourne century very special as it was crucial for series victory, says Rahane        FinMin allocates Rs 660 cr additional funds to MP for capex        Markets may remain volatile in holiday-shortened week: Analysts        US condemns Russia's use of harsh tactics against protesters, journalists        Egypt says it has launched vaccination against coronavirus        Qureshi says Pakistan ready to work with new US administration        MP government trying to crush farmers' voice: Kamal Nath        
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Business News
Big steel, cement firms operating as a cartel; need to place regulator: Gadkari
 
Mumbai: Big players in the steel and cement industry are indulging in cartelisation to jack-up prices, Union Road Transport Minister Nitin Gadkari has said, pitching to place a regulator for the sectors.

It will be difficult to achieve Prime Minister Narendra Modi's dream of making India a USD 5 trillion economy if the steel and cement prices keep going up, Gadkari said, pointing out the target of investing Rs 111 lakh crore on infrastructure projects in the next five years to aid the economy.

It can be noted that allegations of such cartelisation have been made in the past as well, especially by the real estate industry, which is impacted through higher input prices because of it.

"Regarding steel and cement, this is really a problem for all of us Actually, I feel this is a cartel by some big people are doing in cement and steel," Gadkari said while speaking at a virtual event organised by the Builders Association of India on Saturday.

The minister said he has discussed the issue with the Prime Minister and had a lengthy discussion on it with the Principal Secretary in the PMO as well.

Stating that all the players in the steel industry have their own iron ore mines, and do not have to face any hikes in labour or power rates, he wondered how the steel industry has been hiking prices.

He said the cement industry is exploiting the situation by hiking up the prices, and underlined that the stance of both the industries is not in the national interest, given the infrastructure spends lined up.

"We are in the process of finding out the solution for that. Your (BAI's) one of the recommendations is for a regulator for steel and cement, which is also a good suggestion. I will look into it," Gadkari said.

The minister, however, conceded that having a regulator is not in his hands and promised to speak with the Finance Ministry and the Prime Minister to get the proposal moving.

" It is also one of the important issues where I am also very much worried about," he reiterated.

As per an official statement, BAI also requested for a mechanism for the early release of bills against the government contracts, streamlining in GST implementation, and royalty payment to be taken care by the state governments during the meeting with the minister.


Hero MotoCorp to commence its operations in Mexico soon
GHIAL to raise US $300 Mn through bond issue for Hyderabad airport expansion
FinMin allocates Rs 660 cr additional funds to MP for capex
Markets may remain volatile in holiday-shortened week: Analysts
Coal India says geared up to meet any surge in fuel demand from power sector
Customary 'Halwa Ceremony' kickstarts process of compilation Budget documents
Average flat size increases 10 pc in 2020 across 7 cities to 1,150 sq ft: Report
Rupee gains 6 paise to close near 5-month high of 72.99 vs USD
LT Foods acquires 30% stake in Netherlands-based organic speciality food firm
Asian shares mostly higher as Biden inauguration approaches
Draw inspiration from people 'who see the cup as half full': Nooyi to Indian students in US
Three UK partners with TCS to accelerate 5G network rollout
3 Adani Group-owned domestic airports accredited in ACI health accreditation programme
WhatsApp delays policy rollout to May 15
Strong startup ecosystem critically important for business: Nisa Godrej
Rupee recovers losses, settles 15 paise higher at 73.25 against US dollar
UP's New Excise Policy aims Rs 6,000 cr excess revenue next fiscal
'India ushering in rapid structural reforms to become USD 5 trn economy by 2025'
India urges WTO members to find permanent solution for public stock holding for food security
GDP estimates: Industries showing signs of recovery, says Niti VC
KERALA NEWS
Fire in luggage van of running train doused in time in Kerala
 Thiruvananthapuram: A fire broke out in a luggage van of a running train in Kerala on Sunday and was  
Kerala logs 5,005 new COVID-19 cases, 4,408 recoveries
5,960 new COVID-19 cases, 27 deaths in Kerala
Kerala transport corporation MD alleges Rs 100-crore scam
INTERNATIONAL NEWS
Israel military revising operational plans against Iran
 Tel Aviv: A senior general of the Israel Army on Wednesday warned that the attack plans against Iran
France's Sanofi to boost Pfizer vaccine supply amid EU shortages
US condemns Russia's use of harsh tactics against protesters, journalists
Egypt says it has launched vaccination against coronavirus
NATIONAL NEWS
Cabinet approves MSP of Copra for 2021 season
 New Delhi: The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, on We
Rajnath speaks to his US counterpart, the two NSAs also talk, Indo-US ties to deepen further
RJD should cancel it's proposed human chain in view of Republic Day violence: Sushil
MP government trying to crush farmers' voice: Kamal Nath
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