IBEF: August 05, 2015
New Delhi: The US has restored its program for concessional duty treatment to Indian products, called the ‘Generalised System of Preferences’ or GSP, under which Indian exports receive concessional duty treatment in US. The GSP has been renewed retrospectively from August 1, 2013 till December 31, 2017. Under GSP, approximately 3,500 products from sectors such as textiles, gems and jewellery and chemicals can avail of concessional duties and can be competitively priced in the US market. However, the products whose annual exports to the US have touched US$ 170 million, such as certain chemicals and pharmaceutical sector, will not able to avail the benefits. Nonetheless, Indian exports to US (13 per cent of India’s total exports) are expected to benefit post restoration of GSP.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.