RK Singh warns of retaliatory tariffs against countries erecting trade barriers

In a clear warning to countries erecting trade barriers, Minister for Power and New & Renewable Energy, RK Singh, said that continuance of such policies may result in retaliatory tariffs by India. He said that retaliatory tariffs by India may deprive companies of such countries from participating in a big and vibrant market for power and renewable energy.

The European Union (EU) is going to introduce the Carbon Border Adjustment Mechanism (CBAM) from October 1, 2023, which may impact India's exports in carbon-intensive sectors like Aluminium, cement, fertilisers, hydrocarbons and steel. India raised these issues at the Trade and Technology Council (TTC) meeting in Brussels in May 2023, apart from the recognition of India's Carbon Credit Trading System (CCTS).

Speaking at the International Conference on Green Hydrogen 2023 in Delhi, Singh said that 3.5 million tonnes of Green Hydrogen capacity are already being set up across states and green steel is being worked upon for the 1st time.