In recent talk, Nitin Gadkari has talked about Cartelization in Cement industry. Did you ever thought about what is this cartelization?
Cartelization is forming a group to control price in market. It is different than monopoly. In monopoly, single company control the market because of its grip over the market or supply of the product. In Cartelization, few companies or countries form group to control price based on their own interest.
Cartelization is not new to cement industry. In 2012, Competition commission of India fined Rs. 6307 crore on 11 cement companies for cartelization.
Cartelization is made from word 'cartel'.