December 02, 2008

Mr Bajaj does not want government intervention on steel prices

PTI reported that Mr Rahul Bajaj chairman of Bajaj Auto and member of Rajya Sabha said that the government should not act toward controlling steel prices.

Mr Bajaj said that "I do not want government intervention even though Bajaj Auto consumes steel. I do not want Mr Ram Vilas Paswan or Mr Chidamabaram to determine steel prices."

He, however, added that the sharp increase in prices of steel and aluminum has solidly impacted the auto industry.

On alleged cartelization among steel producers, he said that "I do not have any proof of cartelization. However, market forces will determine prices till there is a shortage."