After assuming the prime minister for the second time, Prime Minister Narendra Modi has suffered a lot from the United States. President Donald Trump on Saturday said that the decision to eliminate GSP status to India will not leave America. Generalized System of Preferences or General Preferential System (GSP) is the oldest and the biggest system of exemption in the business from the United States to the rest of the world. Under this, countries get the right to export thousands of items at no charge to the US. According to the White House announcement, India's GSP status will end on June 5, 2019.
Trump had announced on March 4 that he was going to take India out of the GSP program. After this 60 days notice period ended on May 3. Recently, Trump said that India has not given this assurance so far that it will give America greater access to its markets. An American officer on condition of anonymity said, "After the talks with Indian officials for the last one year, finally, in March, we had to declare that India should now be excluded from the list of countries with GSP status."
He said, "India is determined to be out of the GSP status list. Now the work is that how do we move forward, how do we get to work with Narendra Modi's second government to find a way forward? "However, he also said that if India gives American companies their markets The advantage of the preferential trade program can be restored if given correct and equal access. In 2017, India had the highest GSP benefit compared to other countries. During that time, India exported goods worth US $ 5.7 billion to the US.
