New Delhi, June 7 (KNN) Generalized System of Preferences (GSP) scheme withdrawal by United States (US) is not something that any of exporters have raised as matter of life and death,  said Commerce and Industry Minister Piyush Goyal adding that it has an impact on some sectors, some places.

He said India is no more an underdeveloped or least developed country that we will look at that kind of support. The country will try to build up export competitiveness in its own right without depending on the GSP scheme provided by the US.

Addressing the media for the first time since taking charge at the Board of Trade Meeting, Goyal said India graciously accepts the fact that development assistance hitherto provided by other nations has stopped.

The scheme provided India tariff-free access to the US market. All benefits have stopped since June 5.

“It’s not something that any of the exporters raised as a matter of life and death. It has had an impact on some sectors, some places...1 per cent, 2 per cent...India is no more an underdeveloped or least developed country that we will look at that kind of support,” said Goyal.

“We also believe that in our development cycle, several countries were giving us support to help us to move out of our problems faster,” Goyal said.

But if certain countries have chosen a different path, we will reorient ourselves to be competitive, he added.

India is the largest beneficiary nation under the GSP and exported goods worth USD 6.35 billion under the US’ oldest preferential trade scheme last year.