Union Steel Minister Jyotiraditya Scindia encourages use of AI in domestic industry

Jyotiraditya Scindia, the Union Minister of Steel, has requested that all parties involved in the steel industry increase the use of artificial intelligence (AI) in their individual steel plants. Speaking at a Chintan Shivir that his ministry organised, he discussed the effects of the Carbon Border Adjustment Mechanism (CBAM) and the critical role that AI plays. The European Union has suggested implementing CBAM for a number of products, including steel and aluminium, as part of its Green Deal 2050. On imported goods, CBAM would impose carbon emission costs equal to those incurred under the EU framework. Steel Secretary Nagendra Nath Sinha discussed its significance and noted that the idea of CBAM is rapidly developing. He asserts that it is critical to comprehend how it will affect the sector that will be most negatively impacted at every stage of the operations value chain. He continued, "The steel industry must take advantage of the current CBAM challenge to ensure demand rejuvenation and further strengthen the Indian export economy." CBAM has an impact on exports to the European Union and can cause value chains to realign, according to an official statement. The long-term effects of CBAM and India's anticipated response to it were discussed during the Chintan Shivir. The statement also stated that possible solutions for small- to medium-sized businesses (SMEs) that purchase steel from dealers but lack access to the integrated steel plants' emission declarations were investigated.