Monopolisation linked to India's shaky economic growth, unemployment: Cong

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The Congress on Friday claimed growing monopolisation by five big conglomerates, including the Adani Group, was linked to India's shaky economic growth, unemployment crisis and high inflation, and asserted that companies must expand but the government had a responsibility to ensure oligopolies or monopolies did not emerge.

Congress general secretary in-charge communications Jairam Ramesh said on X, "Aap chronology samajhiye: September 2022: Modani acquires Ambuja Cements and ACC to become the country's second largest cement player".

The opposition party's remarks came days after the Adani Group said it had agreed to acquire CK Birla Group firm Orient Cement Limited in a deal valued at Rs 8,100 crore.

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Category: BusinessFinance

Markets: India

Topics: Ahmedabad Jairam ramesh Market structure Adani Group Corporate crime

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-01 @ 14:55:47 (7 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

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Sentences: 15 lines

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News ID: 23362877

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