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In a much shock to India, the United States Trade Representative's (USTR's) office said that India is a developed economy and added that India will not be eligible for the benefits which are given by the Washington DC for the developing countries.
This new development will prevent India from reclaiming its benefits under the US Generalized System of Preferences(GSP) scheme.
The GSP which is stated as the oldest preferential trade scheme has enabled the Indian exporters to access the US which is absolutely tariff-free until June. The USTR decided the economic development of a country on the grounds of the country's per capita gross national income (GNI) and share of world trade.
The USTR also said that as India along with the countries like Argentina, Brazil, Indonesia, and South Africa, is part of the G20 bloc, they can be declared as being developed countries even though the per capita GNI is below $12,375.
Interestingly Commerce and Industry Minister Piyush Goyal said that India doesn't need to wait for development assistance like the GSP given by other countries and said we should try to become competitive on our own.