Union Minister Gadkari wrote to PM Modi on increase in steel prices, said- projects are difficult to bear

Union Minister Nitin Gadkari on Thursday alerted the steel manufacturers to profiteering, saying he has drawn Prime Minister Narendra Modi’s attention to rising steel prices by 55 percent in the last six months by major companies, leading to the completion of projects. It is getting difficult. The Minister of Road Transport, Highways and MSME further
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Union Minister Gadkari wrote to PM Modi on increase in steel prices, said- projects are difficult to bear

Union Minister Nitin Gadkari on Thursday alerted the steel manufacturers to profiteering, saying he has drawn Prime Minister Narendra Modi’s attention to rising steel prices by 55 percent in the last six months by major companies, leading to the completion of projects. It is getting difficult.

The Minister of Road Transport, Highways and MSME further said that if companies failed to curb this, the government would have to change policies and promote alternative technologies in the projects. “Steel prices have increased by 55 percent in the last six months,” he said. I have written to the Prime Minister and the Minister of Steel (Dharmendra Pradhan) to decide on this. ”

Significantly, Gadkari had earlier warned cement manufacturers against collusion. He said that this required a long-term policy, as the price increases did not match the prices of raw materials and labor. “There is a need for a long-term policy for steel and cement manufacturers… a uniform policy,” he said, adding that a 15-20 percent increase in prices can be called justified, but it is still too high.

Gadkari said that at present, steel is being explored for infrastructure and real estate projects using Malaysian and Singaporean technology. However, by the time this work is completed, many projects have become unviable, as cement and steel will account for 40 percent of the total project cost.

He said that manufacturers can make a profit by increasing production, otherwise, the projects will become infeasible. In the same program of industry body Assouchal, Gadkari said that the GPS system for tolls is in progress, in which toll payment will be automatically cut at the distance and the highway toll booths will be freed in the coming time.