The steel ministry on Wednesday held a meeting with the industry players over the European Union's move to impose carbon tax, sources said.
The meeting comes amid the carbon border adjustment mechanism (CBAM) being implemented by the European Union, which would have an adverse impact on India's exports of metals such as iron, steel and aluminium products to the EU, they said.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
The EU is introducing CBAM from October 1 this year. The new mechanism will translate into a 20-35% tax on select imports into the EU starting January 1, 2026.
On the request of the representatives of various steel companies and industry bodies the steel ministry held a meeting on Wednesday evening.
"In the hybrid meeting chaired by steel secretary Nagendra Nath Sinha, the industry raised the issue of CBAM, saying it violates several articles of the WTO", sources said.
They also noted that post imposition of the tax regime, India will become vulnerable to dumping of steel items by various countries, which may include those part of the EU itself.
"The industry also informed the government that 79% of the historical carbon emissions has been done by the developed nations themselves that is why common but differentiated responsibilities (CBDR) for carbon emission has been agreed in Paris Agreement and the tax is in violation of this", they said.
India exports 4 million tonnes of finished steel to the EU region, annually.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.