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India’s steel industry is exploring new markets in the Middle East and Asia to offset the impact of the European Union's carbon tax on its exports. With the EU’s decision to impose a carbon border adjustment mechanism, Indian steel exporters are faced with higher costs and tougher competition. In response, the Indian government and the steel industry are seeking to strengthen ties with regions outside Europe to ensure steady demand for their steel products. By turning to Middle Eastern and Asian markets, India aims to safeguard its steel export business and maintain its position as one of the top steel producers globally. The shift also aligns with India’s broader efforts to diversify its trade relationships and reduce reliance on traditional markets that are becoming increasingly costly due to environmental regulations. These moves come at a time when the global steel industry is grappling with the challenges of sustainability and carbon emissions, making India’s proactive approach vital for its continued growth in the international market.
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