Already facing subdued demand from developed nations, India's exports are likely to be hit by the European Union's 20% to 35% tariffs on high-carbon goods like steel, iron ore and cement, the finance ministry said in a report released on Thursday.
on high-carbon goods imports from 2026, aiming to become a net zero emitter of greenhouse gases by 2050, some 20 years earlier than India's target.
"The impending downside risks to India’s exports include the European Union’s introduction of the Carbon Border Adjustment Mechanism," the finance ministry said in its annual economic report.
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