New Delhi, May 6 -- Union Commerce and Industry Minister Piyush Goyal said on Tuesday India will impose retaliatory tariffs if the European Union goes ahead with its plan to levy a carbon tax on Indian products.

He also said the talks about climate change is dwindling and termed the EU's Carbon Border Adjustment Mechanism (CBAM) as "very very irrational regulations".

"If they will put in carbon tax, and now there is a big if for obvious reasons. If they do put it in, we will retaliate. They will put it on products which really will hurt their own economy and the retaliation will further hurt their economy," Goyal said at an event in New Delhi.

"I think it will be very silly particularly to put tax on friendly countries. I am in continu...