Cement and steel companies accused of factionalism

The real estate industry organization CREDAI has accused the cement and steel companies of factionalism. Credai says that due to factionalism there has been a sharp increase in the price of these two. The organization has written a letter to Prime Minister Narendra Modi seeking intervention. Such an increase in prices is unethical and contrary to business rules, said Credai.

Since the beginning of this year, the price of cement has gone up by 23% and that of steel by over 45%. 50 kg cement bag, available for Rs 349 in January 2020, has reached Rs 430 to Rs 430 today. Similarly, the price of steel per ton has gone up from 40 thousand to 58 thousand. The role of cement and steel is very important in the field of construction.

The bulk of the cost is spent on these two. Union Road Transport and Highways Minister Nitin Gadkari had also expressed concern over rising steel prices a day earlier. Seeking intervention from the Prime Minister.

He had said that projects are getting expensive due to profiteering by steel companies and they are finding it difficult to move forward. Gadkari also said that if the companies do not agree, the ministry will be forced to look for alternatives to steel. Due to profiteering by cement companies, it was decided to stop the construction of 100 percent concrete roads and then adopt the bitumen model.