Piyush Goyal Advocates for Border Adjustment Tax to Boost Steel Industry

Commerce and Industry Minister Piyush Goyal has called for discussions on implementing a Border Adjustment Tax to support the steel industry. He also urged the sector to focus on sustainable practices, including AI for optimization, and set a goal of producing 500 million tonnes of steel in the next decade.

Commerce and Industry Minister Piyush Goyal on Thursday called for discussions on a Border Adjustment Tax with top steel industry leaders to promote sustainable manufacturing in the sector.

He urged the industry to target 500 million tonnes of steel production in the next 10 years, up from the current goal of 300 million tonnes by 2030. Goyal emphasized the need for newer methods to reduce carbon emissions and improve productivity and quality.

''Let's try and utilise AI (artificial intelligence) to optimise our production, reduce waste, and improve efficiency across the value chain and work towards a circular economy in a bigger way,'' he said during a virtual address at a steel conclave. Goyal also suggested forming a group of 4-5 top industry leaders to discuss these issues in-depth.

(With inputs from agencies.)