ABAD urges government to take action against cement, steel cartels

KARACHI: Muhammad Hassan Bakshi, Chairman Association of Builders and Developers of Pakistan (ABAD), has urged the government to take stern action against cartelization of cement and steel manufacturers, who are denting the economy of Pakistan by destroying construction industry, which is providing jobs to more than 2.5 million skilled, semi-skilled and unskilled workforce of the country.

Chairman ABAD, in a statement, said that steel bars were being sold at the rate of Rs. 95,000 per ton and cement was being sold at the rate of Rs. 550 per 50 kilograms bag just two months ago but now steel and cement are being sold at the rates of Rs. 120000 per ton and Rs. 700 per 50 kilograms per bag respectively. In this situation, the dream of Prime Minister Imran Khan for building 5 million affordable houses will never come true as the cost of construction has reached to all time high in Pakistan.

He said that ABAD has, time and again, requested government to take stern action against cement and steel cartels as they are inflicting huge losses to the national economy by destroying construction sector. He said that the construction sector is the second largest job provider after agriculture.

Hassan Bakshi said that the government should take swift action through Competition Commission of Pakistan to stop cartelization of cement and steel as this menace mars business potentials and inflicts losses to common man.

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