Will consider EU suggestion on CBAM, come up with whatever good for Industry: Goyal
Jul 30, 2024, 12:38 IST
The EU has suggested that India can devise its own mechanism instead of paying the carbon tax to the European Union, Commerce and Industry Minister Piyush Goyal said on Tuesday. Goyal said the ministry would consider the EU's suggestion and come up with whatever is good for the Indian industry and for the people.
He added India is in dialogue with the European Union (EU) on the tax or Carbon Border Adjustment Mechanism (CBAM).
The minister said he feels the CBAM will hurt the EU "very" badly, as infrastructure, cost of living, industrial and consumer products will become expensive.
The EU's economy will also face further distress that is "my reading of CBAM", Goyal said.
"They (EU) are very keen to pursue that and they have offered that India could instead of paying CBAM tax to the EU, devise its own mechanism. We will consider their suggestion and come up with whatever is good for the Indian industry and for the people of India," he told reporters here.
As per reports, an EU delegation has suggested to New Delhi that India could implement its own carbon tax and reduce carbon emissions.
The EU has decided to impose a CBAM, or carbon tax, which will come into effect from January 1, 2026, but from October this year, domestic companies from seven carbon-intensive sectors, including steel, cement, fertiliser, aluminium and hydrocarbon products, would have to share data with regard to carbon emissions with the EU.
India has strongly criticised the move and is in dialogue with the EU on the issue.
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He added India is in dialogue with the European Union (EU) on the tax or Carbon Border Adjustment Mechanism (CBAM).
The minister said he feels the CBAM will hurt the EU "very" badly, as infrastructure, cost of living, industrial and consumer products will become expensive.
The EU's economy will also face further distress that is "my reading of CBAM", Goyal said.
"They (EU) are very keen to pursue that and they have offered that India could instead of paying CBAM tax to the EU, devise its own mechanism. We will consider their suggestion and come up with whatever is good for the Indian industry and for the people of India," he told reporters here.
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The EU has decided to impose a CBAM, or carbon tax, which will come into effect from January 1, 2026, but from October this year, domestic companies from seven carbon-intensive sectors, including steel, cement, fertiliser, aluminium and hydrocarbon products, would have to share data with regard to carbon emissions with the EU.
India has strongly criticised the move and is in dialogue with the EU on the issue.
SEE ALSO:
Ola Electric IPO – MapMyIndia accuses company of stealing map data days before IPO opens
Advertisement
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