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NEW DELHI: Commerce and business minister Piyush Goyal on Friday mentioned India is well positioned to care for the "crossfire" as a consequence of world business conflict at the power of the country's financial system.

At a time when the arena is witnessing business wars across nations, India too shall be impacted.

"Obviously, in a situation when the world is seeing trade wars across nations, across continents, India will come in the crossfire. But then its a cross fire which we can handle," the minister mentioned during Question Hour in Rajya Sabha.

The world business conflict has been triggered via the United States after it raised tasks on imports, together with aluminium and metal. Other international locations, together with India too retaliated via raising import duty on goods from the United States.

India to impose retaliatory tariff on 29 US pieces from June 16

After extending the cut-off date for a number of occasions, India has determined to impose additional customs tasks on 29 US products, together with almond, walnut and pulses, with impact from June 16, assets mentioned.

The minister mentioned without reference to the arena business state of affairs, India is taking a look at tactics to "encash" opportunities to further exports.

The minister further mentioned India is competent to care for the world business state of affairs.

Goyal also brushed aside contentions that India's exports have been hit badly after the United States has terminated its preferential business treatment or GSP (generalized gadget of personal tastes) to India from June five this 12 months.

"I would like to submit that the total impact of GSP is under $250-269 million in a year and for a country of size and strength of India, I can assure members (of the House) that it will not have any significant impact. India can handle the situation," he mentioned when asked if India used to be discussing the problem with the United States.

GSP, the minister mentioned used to be unilateral, elective concession given via the United States to India as developing nation.

"Some of the demands that were raised on India were such that India could not yield. I think national sovereignty and national interest is paramount," he mentioned when asked if the federal government would begin further negotiations on this regard with the United States.

Donald Trump terminates preferential business standing for India below GSP

President Donald Trump has terminated India's designation as a beneficiary developing nation below the important thing GSP business programme after figuring out that it has no longer assured the United States that it is going to supply "equitable and reasonable access" to its markets.

He further mentioned India will proceed to negotiate with all international locations, together with the United States, however it is going to no longer be at the cost of sovereignty.

On the country's exports, Goyal mentioned it increased significantly during the closing fiscal and within the present 12 months also, the outward shipments are showing expanding trends.

He further mentioned India has fortified its foreign currency echange reserves and the federal government is taking pro-active measures to advertise exports.

On a question associated with the impending talk over with of US Secretary of State Mike Pompeo to India, Goyal mentioned there shall be discussions on a number of problems.

Pompeo shall be visiting India from June 25-27.

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