New Delhi, Sep 1 (ANI): Union Commerce and Industry Minister Anand Sharma on Thursday stressed the need to avoid protectionist tendencies by the developed economies.
Speaking to a delegation of the US- Congress and German- Bundestag, here, Sharma said: "Crisis leads to inward thinking but protectionism is counter-productive as it deepens recession. Wherever protectionism has been resorted to, it has never helped."
He further said that, there is a need to sensitize the US policy makers about the actual nature of outsourcing as it is well documented that for every job that is outsourced there are higher end jobs created in the outsourcing economies.
Emphasising that Indian companies are a major source of employment generation in the US market, Sharma said: "We need to engage more not less."
He further expressed confidence that the U.S. Generalized System of Preferences (US GSP) scheme, which expired last December, will be revived soon by the US Congress with full and long term reauthorization.
"The U.S. Generalized System of Preferences (GSP) is a program designed to promote economic growth in the developing world by providing preferential duty-free entry for up to 4,800 products from 129 designated beneficiary countries and territories," he added.
Citing the adverse impact on employment in vulnerable sectors, he said that US Government has withdrawn the GSP benefit in respect of a number of products from India, e.g. jewellery. However, he pointed out, the benefits have not gone to any LDC beneficiaries but to major trading partners like China and France.
He also assured the legislators of India's firm commitment to the processes of liberalization and economic reforms.
He said that fundamentals of Indian economy are strong and there are a slew of reforms measures in the pipeline like National Manufacturing policy and FDI in retail that will further prop up the growth trajectory.
Remaining optimistic of continued high GDP growth rate, Sharma said: "FDI is looking good after a disappointing last year. We hope to make up for the lost ground this year." (ANI)
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