New Delhi, Feb. 21 -- India's much-anticipated carbon market is likely to be launched by 2026, said Union power minister Manohar Lal.

It would be crucial for Indian industry, especially for exporters as they need to comply with global norms to curb carbon emission, the minister said on Friday.

Companies in sectors such as steel and cement sectors have been concerned of the impact of European Union's (EU) Carbon Border Adjustment Mechanism (CBAM), which imposes tariffs on carbon-intensive products. Carbon credits would push manufacturing companies towards green power and lower carbon emissions, which would increase their compliance for exports to countries in the EU.

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