Builders go on one day nation-wide strike against rise in price of steel and cement
Photo Credit: Pexels
Mumbai: Builders and related construction activity members have stopped work today (February 12) as part of a nation-wide strike called for by the Builders Association of India (BAI). The main demand is to set up steel and cement regulatory authority to control the prices.
Builders of Association(BAI) is an apex all India body of Engineering Construction Contractors and Real Estate Companies founded in 1941, with more than 20,000 business entities as members through its 200 plus centres (Branches) throughout the country. Moreover, the regional associations affiliated to BAI form indirect membership of more than 1,00,000. In an official release issued it stated that construction is one of the most important economic activity contributing maximum GDP Growth and accounts for more than 50 per cent of total plan outlay.
Synopsis
Srinivasan said there was a necessity for a body like SICMA owing to the vast growth that has taken place in the cement industry. He went on to elucidate this by saying that India currently produces over 500 million tonnes of cement, trailing only China.
In the photo: N. Srinivasan, Vice-Chairman & MD of India Cements and President of SICMA
Chennai: N. Srinivasan, Vice-Chairman & MD of India Cements and President of the newly formed South India Cement Manufacturers’ Association (SICMA) on Tuesday said it was unfair of the builder lobby to go around parading as the paragons of virtue and accuse the cement industry of cartelisation and using every excuse to blame cement manufacturers for high cement prices.
The growth would be supported by rural demand, including affordable housing, and recovery in infrastructure segment. ICRA expects cement demand to increase by 18-20 per cent in FY2022 over FY2021 with the volumes reaching back to around FY2019-FY2020 levels, the rating agency said in a statement. The volume growth is also likely to support operating margins in FY22 at around 20 to 21 per cent, notwithstanding some cost-side pressures, it added. Capacity additions are expected to get back to around 20-22 MTPA (million tonnes per annum) in FY2022 from around 15-17 MTPA in FY2021, it said. The eastern region is likely to lead the expansion by adding around 15-17 MTPA capacity during the said period.
Published January 4, 2021, 5:00 AM
The Department of Trade and Industry (DTI) has stood its ground stating it does not need the concurrence from the Tariff Commission (TC) to adjust a safeguard duty rate on a particular import that has been causing injury or serious threat to a domestic industry.
This was stated by Bureau of Import Services (BIS) Director Luis Catibayan when asked on the different stand by the TC over a decision by DTI Secretary Ramon M. Lopez to adjust the safeguard duty on the second year of the three-year definitive safeguard measure on imported cement.
MB File
Catibayan stressed that it is the “discretion of the DTI Secretary” and that the “DTI Secretary has the power to determine” the safeguard duty rate.
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