New Delhi: India exported goods worth $6.3 billion to the United States in 2018 under their export incentive programme, the 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, Goyal said and added that the impact of the withdrawal of the incentives will vary across products.
In a separate reply, Goyal stated that 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,” Goyal informed.
In another reply, Goyal said that the US did not accede to India’s request for withdrawal of duties imposed on certain steel and aluminium products.