The steel industry in India is worried about the European Union's Carbon Border Adjustment Mechanism, which imposes taxes on imports from countries that do not have strict carbon pricing policies. Media reports suggest that the industry expressed its concerns in a meeting with the government's steel ministry. The meeting was held to discuss the implications of the EU's move on the Indian steel industry.
The Indian steel industry is calling for a dialogue with the EU to address its concerns. It is urging the EU to exempt steel products from the tax or to set a lower rate for the industry. The steel ministry is also considering a carbon pricing policy to comply with the EU's regulations and protect the industry.
The steel ministry is reportedly in talks with the EU to resolve the issue. India is one of the top exporters of steel to the EU, and the new tax could significantly impact the industry.
The CBAM aims to reduce carbon emissions by levying taxes on imports based on the amount of carbon emitted during the production process. The tax is meant to level the playing field for EU companies, which have to comply with strict carbon pricing policies. The EU's move has raised concerns in other countries, with China and the US also expressing reservations about the tax.
Source: SteelGuru
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