back to top
    IndiaGovt must ensure corporate takeovers are fair, monopolies are not created: Jairam...

    Govt must ensure corporate takeovers are fair, monopolies are not created: Jairam Ramesh

    Date:

    New Delhi, Jun 15: The Congress on Saturday said it is the government's responsibility to ensure that competition among corporates is not stifled, oligopolies or monopolies do not emerge and corporate takeovers are free and fair.

    It is also the government's responsibility to ensure that undue advantage arising out of access to political power is not exercised, party general secretary Jairam Ramesh said.

    His comments came after the Adani Group acquired Penna Cements while strengthening its share in the cement sector in southern .

    “Aap chronology samajhiye (understand the chronology): September 2022: Adani acquires Ambuja Cements and ACC, to become country's second largest cement player. August 2023: Adani acquires Sanghi Industries, India's largest single-location cement unit. June 2024: Adani acquires Penna Cements, giving it substantial market share even in the last remaining region of South India.” he said.

    “Upcoming: Adani is exploring the acquisition of Saurashtra Cement, Vadraj Cement, and the cement of Jaiprakash Associates,” Ramesh claimed in a post on X.

    Quoting former RBI deputy governor Viral Acharya, he said the noted financial economist had established that the five big conglomerates, including the Adani Group,“ are building monopolies in 40 sectors, including in the cement sector.

    “This growing monopolisation is linked to India's shaky economic growth, unemployment crisis, and high inflation. In 2015, when a common man used to spend Rs 100 on goods, Rs 18 would go as profit to the business owner“ — in 2021, the owner now gets Rs 36 in profits,” Ramesh claimed.

    “Firms must grow. Companies must expand. But at the same time, the government has a responsibility to ensure competition is not stifled, oligopolies or monopolies do not emerge, takeovers are free and fair, and undue advantage arising out of access to political power is not exercised,” the Congress leader said in his post.

    Northlines
    Northlines
    The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

    Share post:

    Popular

    More like this
    Related

    SC To Hear On July 22 Plea To Seize Money Received By Political Parties Under Electoral Bonds Scheme

    New Delhi, Jul 20: The Supreme Court is scheduled...

    Technological dependence has its drawbacks, says CJI Chandrachud

    Madurai (Tamil Nadu), Jul 20: Chief Justice of India...

    Parliament’s Monsoon Session begins Monday; Union Budget on July 23

    NEW DELHI, July 20: Finance Minister Nirmala Sitharaman will...

    British tried to diminish faith that countrymen had in traditions: Bhagwat

    Pune, Jul 20: RSS chief Mohan Bhagwat on Saturday...