Will consider EU suggestion; come up with whatever good for industry: Goyal

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 ...