Union Finance Minister P. Chidambaram has warned the cement industry again of serious “administrative measures” if it did not cooperate in checking inflation.
He told local press that it was universally acknowledged that steel and cement manufacturers hike prices seeking advantage of the demand-supply situation. But the Government had been able to persuade the steel industry to cut prices. We have also restricted the export of steel products. “I think steel prices will moderate now.”
As far as cement industry was concerned, he said: “The Government is still talking to the manufacturers. But I have made it very plain that if they do not voluntarily cut prices, we are prepared to take administrative measures.” He declined to spell out the measures. “We will not do it secretly,” he added.