Price control may come back to iron ore, coal

Price control may come back to iron ore, coal

The government is planning to bring in fresh checks on pricing of natural resources such as iron ore and coal. An inter-ministerial group, led by the steel ministry and Niti Aayog, will begin work soon to determine whether a pricing cap should be put to prevent profiteering by miners.

The development comes at a time when the government has indicated its favour for market-determined pricing for most resources to make the industry globally competitive while targetting subsidy to the most needy.

“Niti Aayog is working on a formula that will determine prices of all natural resources. There should be logic for pricing so that any abnormal spurt in global prices should not result in a sharp increase in domestic prices with the sole intention of profiteering. There should be clear distinction between profit and profiteering,” said a government official privy to the development. Read More…

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