Piyush Goyal Proposes Border Adjustment Tax to Protect Domestic Steel Industry

Commerce and Industry Minister Piyush Goyal proposed a Border Adjustment Tax to shield India’s steel industry from predatory foreign imports. He highlighted the need for the steel sector to target higher production and adopt AI for efficiency. Discussions with industry leaders are planned to move the proposal forward.

Commerce and Industry Minister Piyush Goyal has put forth the idea of a Border Adjustment Tax aimed at protecting the domestic steel industry from increasing imports at predatory prices.

The tax, which is in compliance with the World Trade Organisation (WTO), seeks to provide a level-playing field for local producers. Goyal also emphasized the industry's need to target 500 million tonnes of steel production in the next decade, up from the current goal of 300 million tonnes by 2030.

In addressing a steel conclave virtually, Goyal urged the industry to leverage artificial intelligence (AI) to enhance productivity, reduce waste, and improve efficiency. He also proposed discussions with top industry leaders to deliberate on this important subject.

(With inputs from agencies.)