Cement factories exploiting real estate market situation: Nitin Gadkari

Union Minister for Micro, Small and Medium Enterprises (MSMEs) Nitin Gadkari on Saturday lashed out at Cement factories and said they are exploiting the present situation real estate market.

"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 5 years. If rates of steel and cement continue like this, it'll be very difficult for us," said Gadkari while interacting with Builders' Association of India, Western Region via video conferencing," the Minister said while interacting with Builders' Association of India, Western Region via video conferencing.

"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)," Gadkari added.

The minister said real estate is a sector where the government is facing maximum crucial problems. He said that government is in process of finding out the solution, one of the suggestions of the Builders' Association of India, Western Region to set up a regulating authority for steel and cement is good but the ministry needs to look into it more deeply.

Gadkari said he will take the suggestion to Finance Ministry and Prime Minister Narendra Modi.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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