CII bats for GSP, says continuation of scheme beneficial to both US, India

Under the GSP regime, India enjoys zero tariffs on around $ 5.6 billion of exports to the US

Amidst speculation that the US is considering the withdrawal of Generalized System of Preference (GSP) to Indian exporters, which would end the duty-free regime for some Indian exports to America, the Confederation of Indian Industries (CII) on Wednesday said that continuation of this preferential duty-free scheme is beneficial to both countries.

“GSP boosts the competitiveness of American manufacturers by lowering their costs. Approximately two-thirds of US imports under GSP are raw materials, components, or machinery and equipment used by US companies to manufacture goods in the United States for domestic consumption or for export. GSP also helps American consumers by eliminating