Union Commerce and Industry Minister Piyush Goyal on Thursday called for discussions with top steel industry leaders on implementing a carbon border adjustment tax to promote sustainable manufacturing. He also urged the sector to target 500 million tonnes of steel production by 2047, a significant leap from the current goal of 300 million tonnes by 2030.
Addressing a virtual steel conclave, Goyal emphasised the need for the industry to adopt cutting-edge technologies like artificial intelligence to boost productivity and reduce carbon emissions. He encouraged industry leaders to explore ways to lower emissions while maintaining high-quality steel production.
On the proposed carbon border tax, Goyal suggested that 4-5 top steel leaders engage in talks with him to deliberate the issue, which aims to level the playing field by imposing taxes on imported steel that currently avoids domestic levies like coal cess and electricity duty. The minister noted that this tax mechanism complies with World Trade Organisation (WTO) guidelines.
Goyal also acknowledged the government's inability to extend the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme benefits to the steel sector due to budget constraints.
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