Govt mulls steel price band to check inflation
IN A bid to curb the pricing freedom of steel manufacturers, the government is considering a price band for steel products, which would prevent price hikes beyond a prescribed ceiling. Going against the grain of economic liberalisation, the proposal is likely to be discussed at a meeting of the committee of secretaries (CoS) next week. The price band plan would institutionalise government control over steel pricing, setting the clock back to the licence raj days. Steel is a completely decontrolled sector now, with companies having full freedom to decide on prices.