Goyal suggests talks on carbon tax issue with top steel industry leaders

Commerce and Industry Minister Piyush Goyal on Thursday suggested discussions on carbon border adjustment tax with top steel industry leaders to promote sustainable manufacturing in the sector.

He also asked the industry to target 500 million tonnes steel production by 2047. At present, the industry is eyeing 300 million tonnes by 2030.

The minister suggested the industry find newer and better ways on lowering carbon emission and promoting high productivity and quality steel in the country.

"Let's try and utilise AI (artificial intelligence) to optimise our production, reduce waste, and improve efficiency across the value chain and work towards a circle economy in a bigger way," he said, while addressing a steel conclave virtually.

On carbon tax, he suggested that 4-5 top leaders of the steel industry can sit with him on this important subject for deliberations.

The minister added that the government was not able to extend the benefits of the Remission of Duties and Taxes on Expor