GSP withdrawal to have marginal impact, says export association

Responding to the recent directive by the US government giving 60 days withdrawal notice to India on GSP benefit, the apex industry body of exporters FIEO has maintained that the move will have marginal impact on Indian exports.  Ganesh Kumar Gupta, President, FIEO said that India’s exports to US stood at $ 50.57 billion in 2017 with a GSP tariff advantage of only USD 190 million, which was less than 0.4% of our exports.

FIEO study reveals that processed food; leather products (other thanfootwear); plastic products (vinyl floor covering, BOPP films, non-adhesivetap); building material & tiles; hand tools (spanners, wrenches, drilling equipments etc);  engineering goods such as spark ignition, turbines andpipes, parts of generators, cycles;  made-ups (pillow/cushion covers);Woven women’s dresses were eligible for higher GSP benefits and therefore,Government should look into providing fiscal support to such sectors. This will help the exporters of these items to reduce their prices so that the future landing price of such products remain more or less what was under the GSP regime.

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