Economy & Market
TN worst hit by cartelisation of cement prices
Tamil Nadu is one of the worst affected states because of cartelisation of the cement industry. Bulk purchasers pay Rs 290 for a 50 kg bag of cement, while retailers pay 320 in Chennai.
The State government had even threatened to nationalise all cement factories in the state about two years ago when escalating prices of cement unsettled the government-sponsored housing scheme for the poor.
The 6,300 crore fine slapped by watchdog Competition Commission of India (CCI) on 11 leading cement manufacturers for cartelisation of cement prices has turned the spotlight once again on escalation in prices of building raw material as well as the overheated realty prices.