Several construction contractors, who are executing government projects here, went on a strike on Tuesday protesting against increasing steel prices.
Nearly 260 contractors, who are members of Coimbatore Corporation Contractors Welfare Association, are executing projects for Public Works Department, local bodies, Highways, and the Electricity Department across the State. Their annual turnover is ₹3,000 crore. These contractors went on a strike as steel prices have seen steep increase in the last three months.
The Association said in a release that steel prices that were around ₹36,000 a tonne three months ago were ₹70,000 a tonne now. With no control over the prices, construction contractors in the government sector were hit hard. They also feared further increase in prices. The contractors needed 30 % hike in project costs to meet the high raw material prices. The Association had written to the officials and Ministries concerned in the Central government. It had approached the court and taken up the issue with the Competition Commission of India.
The MSME industries had been asking for ban on export of steel. But there was no effort from the government to control the prices. If there was no measure from the government, the Association planned to announce indefinite strike. Only if the steel and cement prices reduced would it be possible for the contractors to complete on time the projects taken through e-tenders, the release said.
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