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AREIDA worried over proposed hike in cement price

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  24 Aug 2016 12:00 AM GMT

By our Staff Reporter

GUWAHATI, August 23: The Assam Real Estate & Infrastructure Developers’ Association (AREIDA) expressed serious concern over, what it said, the unreasoble price hike of cement, proposed by cement companies without any justifying reason. AREIDA president PK Sharma thanked the State Chief Minister for his intervention in the matter.

In a statement issued to the press today, Sharma said that the price of cement in Assam and other parts of the Northeast is the highest in the country. “This despite the fact that the locally manufactured cement companies are getting heavily finced from the taxes paid by the common man, in the form of numerous subsidies under the North East Investment and Industrial Policy. These include 100 per cent income tax exemption, exemption of excise duty, transport subsidy on transportation of raw materials and finished products, manpower subsidy, power subsidy, genset subsidy, 30 per cent capital subsidy, 99 per cent VAT exemption, and interest subsidy on working capital. The policy was put in abeyance for new companies, two years back, but for these cement companies, the subsidies continue to be availed, as they were already registered by then,” he said. “Cartelization by cement companies has become a serious issue, affecting the common man for whom we build homes. We urge upon the government to continue with its efforts in larger public interest, for the cause of ‘affordable housing’ and ensure that only a legitimate price is allowed. We as a bulk purchaser of cement on behalf of homebuyers are extremely aggrieved by this proposed unfair price hike,” Sharma said.

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