Tag: global trade

Indian benchmark indices, which started on a quiet note today(02 January 2023) amid thin global trade, were volatile in the trade as selling in financial services, IT, FMCG, and pharma stocks weighed, while metal stocks lent support. The S&P BSE Sensex was up over 100 points at 60,982 levels, while the Nifty50 was near 18,150, up 42 points. In the broader markets, the BSE MidCap and Smallcap indices gained 0.07 percent and 0.12 percent, respectively. The volatility index, India VIX, advanced nearly 4 percent. Read more

GSP is America's oldest preferential trade scheme, which offered Indian exporters tariff-free access to the US on the criteria of a developing country having less than 0.5 per cent share of global trade. India crossed the limit way back, according to the government’s estimate. US suspended all benefits since last June. In respect of products having GSP benefits of 3 per cent or more, exporters had found it difficult to absorb the loss. While Commerce and Industry Minister Piyush Goyal has said India does not need development assistances like GSP anymore traders feel that Indian export remained under pressure due to increasing competition from low-cost rivals like Pakisthan, Bangladesh, and that surrendering GSP claims would mean handing away market share. To compete in the export market, terry towel makers in India have alredy started using blended yarn made from recycled materials. The issue still has continued to be part of trade talks between India and the US