Exports of 1,945 products to US grow by 5pc in Jun-Dec sans GSP incentives

Exports of 1,945 Indian products, which were availing duty incentives under the GSP scheme of the US, has recorded a growth of 5 per cent to USD 5.47 billion during June-December 2019 period, Parliament was informed on Friday.

Benefits under Generalised System of Preferences (GSP) were rolled back by the US in June last year.

Under the GSP programme, 1,945 products including auto components and textile materials used to get duty-concessions in the American markets.

"India's exports to the US, which were under the GSP lines have shown an increase of 5 per cent in the period of June-December 2019 as compared to the corresponding period of previous year i.e., from June-December 2018 (USD 5.2 billion), when GSP benefits were there," Commerce and Industry Minister Piyush Goyal said in a written reply to the Rajya Sabha.

He also said that the average duty benefits accrued to exporters and importers on account of US GSP benefits were 3.8 per cent, which varied across the products.

On February 10 this year, the US has also removed India from the lost of developing countries for the purpose of countervailing investigations under the WTO's Agreement on Subsidies and Countervailing Measures.

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

In an another reply on start-ups, Goyal said as on February 28 this year, as many as 320 startups 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.