‘There is a cartel in the cement and steel industry’: Nitin Gadkari

Union Minister for Micro, Small and Medium Enterprises (MSMEs) Nitin Gadkari lashed out at the Cement and Steel industry and said they are exploiting the present situation in the real estate market. “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,” he said. “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. Watch the full video for more.