Govt vows to break steel, cement cartel to fight inflation
The government on Wednesday charged the cement and steel industries with forming cartel and vowed to break the logjam and take tough measures against hoarders to check spiralling prices.
By PTI |
NEW DELHI: The government on Wednesday charged the cement and steel industries with forming cartel and vowed to break the logjam and take 'tough' measures against hoarders to check spiralling prices.
Targeted by Opposition and allies in the Lok Sabha for 'failing' to control surging prices, Finance Minister P Chidambaram said states should take drastic steps against hoarding and the Centre would even sacrifice revenue to control inflation that has surged to over seven per cent.
"The cement and steel manufacturers are behaving like a cartel... If their behaviour does not change, government will not hesitate to take tough measures," he said intervening in the debate on prices.
Chidambaram later told reporters, "When Cabinet Committee on Prices (CCP) meets, I expect some more measures to be taken."
During the debate, the Minister said the government will not hesitate to "sacrifice revenue to control prices".
Amid a walk-out by the opposition and Left parties, Chidambaram said inflation has gone up because of rise in international prices of commodities such as wheat, rice, edible oil and metals, apart from speculative activities in the market.
Targeted by Opposition and allies in the Lok Sabha for 'failing' to control surging prices, Finance Minister P Chidambaram said states should take drastic steps against hoarding and the Centre would even sacrifice revenue to control inflation that has surged to over seven per cent.
"The cement and steel manufacturers are behaving like a cartel... If their behaviour does not change, government will not hesitate to take tough measures," he said intervening in the debate on prices.
Chidambaram later told reporters, "When Cabinet Committee on Prices (CCP) meets, I expect some more measures to be taken."
During the debate, the Minister said the government will not hesitate to "sacrifice revenue to control prices".
Amid a walk-out by the opposition and Left parties, Chidambaram said inflation has gone up because of rise in international prices of commodities such as wheat, rice, edible oil and metals, apart from speculative activities in the market.
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