The commerce ministry has shrugged off concerns that it will have any major economic impact, noting that total benefits amount to roughly $190 million on overall exports of $5.6 billion
Overall impact of US move expected to be minimal on domestic industry
Move to end the GSP for India and Turkey is the latest push by the Trump administration to redress what it considers unfair trading relationships with other countries
US goes too far, but India's response could have been better
India's GSP eligibility had been under threat ever since it was clubbed with Indonesia and Kazakhstan to be scrutinised by a sub-committee under the United States Trade Representatives
The Trump administration notified Congress on Monday that it wants to scrap trade concessions for India.
US President Donald Trump on Monday said he intended to end India's preferential trade treatment under a program that allows $5.6 billion worth of Indian exports to enter the United States duty free
Under the GSP program, India exports $5.6 billion worth of goods to the United States duty-free
India, having exported goods worth $5.6 billion to the US in 2017-18 through the scheme, is the largest beneficiary nation under the US' GSP scheme
New Delhi not providing us equitable and reasonable access to markets. Want to terminate preferential trade status for India, says Trump in letter to US Congress
Both nations have been working to create a mutually acceptable package of 'trade solutions' for the past year
The new taxes are proposed to rake in an estimated $240 million worth of additional taxes
Last year, both US and India had given a wide berth to contentious trade issues in the 2+2 dialogue
Protecting big business in India needs to take a back seat to the very real crisis facing Indian exports, writes Mihir Sharma.
Govt should not let the US crack down on Indian exporters
Trump has repeatedly called out India for its high tariffs
India placed a $5 billion order to purchase S-400 air defense system from Russia, for which the US has publicly expressed its displeasure
He said that under the Trump administration, the US is turning all of that around with fair trade deals that put American farmers, ranchers, and in fact put America first
Modi, Trump also appreciated developments such as the launch of the new 2+2 dialogue mechanism
BJP's Madhav said a lot of changes in the foreign policy were made by the Congress and held that the direction should be guided by national interest