December 02, 2008

AIAECC urges for steel regulatory authority to monitor prices

FE reported that All India Association of Engineering Construction Contractors has urged the government to set up regulatory authority for monitoring steel prices in India.

Mr Mahesh Mudda chairman of AIAECC said that "The domestic engineering construction industry which has shown phenomenal growth over the last couple of years contributing significantly to economic improvement is being badly hit by the spiraling prices of major inputs like steel and cement."

He added that "We have also urged that the government should put ban on futures trading in steel and also ban exports of steel products as prices have gone up substantially in recent time."

AIAECC has around 9,000 direct members from across the country involving more than 90 centers including 30,000 indirect members falling under the various regional contractors affiliated to the Builders’ Association of India.