Exports of Indian goods, which were enjoying benefits under the Generalised System of Preference (GSP) programme, to the US registered a growth of 32% in June, according to the Trade Promotion Council of India (TPCI). The US rolled back export benefits to over 1,900 Indian goods from June 5. These incentives were provided by America under GSP, its preferential tariff system.
Citing data from the United States International Trade Commission (USITC), the TPCI said the Indian exports of goods which were getting GSP benefits stood at $657.4 million in June as compared to $495.7 million in the year ago period.
This is a very interesting trend as out of $190-million value of GSP benefit claimed earlier, the growth has already covered $162 million, month-on month for June 2019 compared to last year, leaving a thin margin of $28 million. The products which have shown increase in exports include plastics, rubber, base metals (aluminium), machines & equipment, transport equipment, hides & leather, pearls and precious stones.