Shri Kamal Nath, Minister of Commerce & Industry, has warned that the decision of the US Government to end the GSP (Generalised System of Preferences) for gold jewellery and brass lamps from India could lead to a number of jobs being lost in the jewellery sector in India.
In reply to a question after his recent speech at the Carnegie Endowment meet in Washington asking about India's reaction to the US decision, Shri Kamal Nath said that “GSP is a unilateral programme of the US government and is not a result of negotiations with GSP beneficiaries."
"Hence, it is upto US government to decide on how it wishes to administer the programme. However, the decision is likely to lead to a number of jobs being lost in the jewellery sector in India, specially among vulnerable groups of society”.
On 28th June, 2007, the US Administration decided not to renew the Competitive Needs Limitation (CNL) Waiver for gold jewellery and brass lamps from India, thereby ending the GSP preference.
The Federal Register Notice is expected to be published soon and the changes will be effective within seven days of publication.
GSP has been withdrawn from 8 out of 9 products for which the review was carried out under the new regulations. The only country for which it has been continued is Columbia for mini carnations.
Press Information Bureau Government of India
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