CBAM could impose extra 20-35% taxes, affecting 0.5% of India's GDP

07 Aug 2024 CW Team

Sabyasachi Bandyopadhyay, Co-Chairman, ASSOCHAM National Council on Iron & Steel, highlighted the potential economic impact of CBAM, which could impose additional taxes ranging from 20-35%, affecting 0.5% of India's GDP. He emphasised the need for a strategic approach to navigate these changes.

Devasish Mishra, Executive Vice President, JSW Steel Ltd., discussed the challenges of meeting new EU regulations designed to prevent carbon leakages while maintaining industrial competitiveness. "Steel and aluminium industries need to reassess their production processes to comply with stringent environmental standards," Mishra remarked.

Manish Mishra, Tata Steel Limited addressed the global implications of CBAM, focusing on its integration into business strategies and the challenges of adapting to new carbon pricing mechanisms. Dhiraj Nayyar from Vedanta Ltd. highlighted the importance of strengthening India's manufacturing sector to reach significant economic milestones, including becoming the world?s third-largest economy. "A carbon credit trading scheme will help streamline carbon taxation and improve governance," Nayyar noted.

The conference also featured a report by ASSOCHAM and ICRA, which examined the increased exposure of the steel and aluminium sectors under CBAM and emphasised the critical need for industry adaptation.

(ET)

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At the Conference on Carbon Border Adjustment Mechanism (CBAM) organised by ASSOCHAM, Ashwini Kumar, Economic Advisor at the Ministry of Steel, revealed that India's steel industry currently emits 2.5 tonnes of CO2 per tonne of crude steel due to limited gas resources and other factors. Kumar stressed the urgency of adopting green technologies despite their high costs and restrictive intellectual property regimes. India must balance its developmental goals with the need for decarbonization, Kumar stated, advocating for the establishment of a Carbon Credit Trading System (CCTS) to enhance decarbonization efforts and improve production systems. Sabyasachi Bandyopadhyay, Co-Chairman, ASSOCHAM National Council on Iron & Steel, highlighted the potential economic impact of CBAM, which could impose additional taxes ranging from 20-35%, affecting 0.5% of India's GDP. He emphasised the need for a strategic approach to navigate these changes. Devasish Mishra, Executive Vice President, JSW Steel Ltd., discussed the challenges of meeting new EU regulations designed to prevent carbon leakages while maintaining industrial competitiveness. Steel and aluminium industries need to reassess their production processes to comply with stringent environmental standards, Mishra remarked. Manish Mishra, Tata Steel Limited addressed the global implications of CBAM, focusing on its integration into business strategies and the challenges of adapting to new carbon pricing mechanisms. Dhiraj Nayyar from Vedanta Ltd. highlighted the importance of strengthening India's manufacturing sector to reach significant economic milestones, including becoming the world?s third-largest economy. A carbon credit trading scheme will help streamline carbon taxation and improve governance, Nayyar noted. The conference also featured a report by ASSOCHAM and ICRA, which examined the increased exposure of the steel and aluminium sectors under CBAM and emphasised the critical need for industry adaptation. (ET)

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