Piyush Goyal Advocates for Carbon Border Adjustment Tax with Steel Industry Leaders

Commerce and Industry Minister Piyush Goyal has called for discussions with top steel industry leaders on implementing a carbon border adjustment tax to promote sustainable manufacturing. He urged the industry to increase steel production to 500 million tonnes by 2047, utilize AI for efficiency, and report unfair trade practices.

Commerce and Industry Minister Piyush Goyal advocated for discussions on implementing a carbon border adjustment tax with top steel industry leaders to foster sustainable manufacturing practices. Goyal emphasized the need for the industry to target 500 million tonnes of steel production by 2047, up from the current 300 million tonnes goal for 2030.

The minister instructed the industry to explore innovative ways of reducing carbon emissions and enhancing productivity and quality in steel production. He encouraged the adoption of artificial intelligence to optimize processes, minimize waste, and boost overall efficiency across the value chain.

Highlighting the importance of these measures, Goyal suggested forming a committee with 4-5 top industry leaders to deliberate on the carbon tax issue. He also noted the government's inability to extend the benefits of the RoDTEP Scheme to the sector due to financial constraints, and called for a review of the border adjustment tax to level the playing field for domestic steel producers.

(With inputs from agencies.)