News Buzz

Government negotiating GSP with US: CIM

Union Commerce Minister Shri Piyush Goyal informed the Lok Sabha that the government is negotiating the issue of withdrawal of the Generalised System of Preferences (GSP) status with the US. In the context of the GSP status granted to Indian business houses, the minister said: “Over a period of time, that has certainly helped India also to export more products to the United States. But as we have seen in the last few years, the Indian industry is standing on its own feet, is becoming competitive and is able to compete with the rest of the world on its own terms, on the strength of its competitiveness and comparative advantages”. He insisted that the relations between the 2 countries are healthy, despite this move by the US government.