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<p>India is the world’s second-largest producer of cement. The cement industry is recognized as one of the country’s eight core industries. This sector plays a pivotal role in generating employment, contributing to GDP growth and facilitating large-scale infrastructure development projects. The present study is framed in the backdrop of the 2012 ruling by the Competition Commission of India (CCI). The CCI found that major cement producing firms are engaged in “collusive price fixing” and, in 2016, imposed huge penalties on them. The present study makes an attempt to analyze the influence of such “goods market” collusion on secondary market indicators pertaining to the cement industry. Utilizing both Autoregressive Distributed Lag and Vector Error Correction Models, the study conducts a comparative analysis of colluding versus non-colluding firms. The findings suggest that collusion can disrupt normal market reactions and potentially result in less effective market adaptations.</p>

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Exploring the Effects of Collusion on Secondary Market Indicators: A Comparative Study of Colluded and Non-colluded Cement Sector in India

  • 期刊论文

  • 发表日期：

    2025年11月20日

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  • Adrija Adhikari,
  • Aritri Chakravarty,
  • Sunandan Ghosh

摘要

India is the world’s second-largest producer of cement. The cement industry is recognized as one of the country’s eight core industries. This sector plays a pivotal role in generating employment, contributing to GDP growth and facilitating large-scale infrastructure development projects. The present study is framed in the backdrop of the 2012 ruling by the Competition Commission of India (CCI). The CCI found that major cement producing firms are engaged in “collusive price fixing” and, in 2016, imposed huge penalties on them. The present study makes an attempt to analyze the influence of such “goods market” collusion on secondary market indicators pertaining to the cement industry. Utilizing both Autoregressive Distributed Lag and Vector Error Correction Models, the study conducts a comparative analysis of colluding versus non-colluding firms. The findings suggest that collusion can disrupt normal market reactions and potentially result in less effective market adaptations.