Industry And Cluster | News & Insights

India’s exports of 1,945 products to US grow sans GSP.

Published: March 17, 2020

Exports of 1,945 Indian products, including auto components and textile materials that were availing duty incentives under the US generalised system of preferences (GSP), recorded a growth of 5 per cent to $5.47 billion during June-December 2019 period compared to the corresponding period of the previous year, parliament was informed last week.

US GSP benefits were rolled back in June last year. On February 10 this year, the United States also removed India from the loss of developing countries for the purpose of countervailing investigations under the WTO’s Agreement on Subsidies and Countervailing Measures.

Commerce and industry minister Piyush Goyal said in a written reply to the upper house that the average duty benefits accrued to exporters and importers on account of the US GSP were 3.8 per cent, which varied across the products.

In a separate reply, the minister said exports of these 1,945 product to the United States grew by 13 per cent in 2018 to $6.37 billion as against $5.76 billion in 2017, $4.74 billion in 2016 and $4.62 billion in 2015.

In an another reply on start-ups, Goyal said as on February 28 this year, as many as 320 start-ups received Rs. 3,378 crore funding under the Fund of Funds of the ministry.

“Indian startups are increasingly attracting foreign investments,” he said adding till February 29 this fiscal, they have attracted Rs. 2,077 crore and Rs. 1,733 crore in 2018-19 and Rs. 1,209 crore in 2017-18.

These items can present fresh opportunities for domestic apparel exporters who have the potential to fill the gap, he added.

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