India’s exported $6.3 bn worth of goods in 2018 under export incentive of US

Economy


India exported goods worth USD 6.3 billion to the US in 2018 under their export incentive programme, Parliament was informed Friday. The US has rolled back incentives under its Generalised System of Preferences (GSP) programme from June 5.

“The total duty concessions accruing on account of the GSP were USD 240 million in 2018 which was about 3.8 per cent of the value of India’s exports to the US availing GSP benefits in 2018,” Commerce and Industry Minister Piyush Goyal said in a written reply to the Rajya Sabha.

These concessions will no longer be available, he said.

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He added that the impact of the withdrawal of the incentives will vary across products.

In a separate reply, he said some developed countries including the European Union (EU) provide unilateral tariff preferences on exports from developing countries/least developing country under their GSP Scheme.

India is a beneficiary of the GSP provided by Armenia, Australia, the European Union, Japan, Kazakhstan, New Zealand, Norway, Russia, Switzerland and Turkey.

“USA has terminated preferential tariff benefits being granted to India under its GSP,” he said.

In another reply, he said that the US did not accede to India’s request for withdrawal of duties imposed on certain steel and aluminium products.



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