Unfair Levies On Indian Steel & Aluminium Industry Unacceptable: Piyush Goyal
Piyush Goyal, India's Minister of Commerce and Industry, reaffirmed the country's determination to protect its domestic steel and aluminium industry from any unfair taxes or levies that would jeopardise its sustainability.
In his keynote speech at the ISA Steel Conclave, Goyal made the statement, stressing the value of facing problems head-on and aggressively looking for win-win solutions. Along with this, he demanded that the European Union (EU) acknowledge the idea of "common but differentiated responsibility."
The Carbon Border Adjustment Mechanism (CBAM), which places heavy tariffs on steel imports that are not ecologically friendly ("Green") and reach European borders, was the main topic of Goyal's speech. There are worries that this levy will make hefty tariffs on Indian steel exports uncompetitive.
The minister conveyed India's grave concerns over CBAM and emphasised that India is actively working with the World Trade Organisation (WTO) to resolve the issue. In the face of these obstacles, he reaffirmed India's commitment to pushing for fair treatment of Indian exporters and manufacturers.
In a global context where decarbonising the steel industry has become a paramount objective for combating climate change and reducing emissions, "Green" steel, produced in an eco-friendly manner, has gained prominence.
A safe market for regionally produced "Green" steel was also demanded by industry members in order to hasten the industry's decarbonisation initiatives. To offset the effects of CBAM charges, they also argued for lower domestic taxes on exported steel.
The high price of coking coal, a vital raw ingredient for the steel industry, was another source of anxiety. Significant profiteering by coal sellers under the existing pricing dynamics was brought to the attention of industry leaders.
As the nation's steel and aluminium industry faces these formidable challenges, Minister Piyush Goyal's staunch commitment to protecting its interests and fostering equitable international trade remains a steadfast priority.
