The Builders Association of India (BAI) has urged the Union government to form a government body to regulate the price of cement in the open market in India. BAI termed the sharp rise in cement prices over the past couple of months as unprecedented.
There was no justification for the price rise in cement as there was no significant hike in the cost of raw materials or State taxes, BAI stated. It alleged that cement companies have indulged in cartelisation.
Cement price has gone up to Rs 350 a bag from Rs 280-290 in the past two months.