Among the Sensex firms, Wipro jumped over 6 per cent, the most among the frontline companies. HCL Technologies, Tata Motors, Maruti, Tata Steel, Infosys, Tech Mahindra, Larsen & Toubro and JSW Steel were the other major winners.
The carbon border adjustment mechanism (CBAM) or carbon tax is expected to have an impact on India’s iron, steel, and aluminum exports worth $8-$9 billion headed into Europe and the UK.
“Cross-border imposition (of tax) and that money going towards somebody else's green agenda, if anything, is not moral at all," Sitharaman told the CII Global Economic Policy Forum.
The decision is in line with the mandatory phase of the International Civil Aviation Organization’s (ICAO) Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), which will take effect from 2027.