US government extended the generalised system of preferences (GSP) for Indian exporters
India’s 3,500 products got duty free entry as US government extended the generalised system of preferences (GSP) for Indian exporters on 4 August 2015.
This move by US government will benefit Indian exporters to export range of products from engineering to chemicals to their biggest export destination US.
US government has extended GSP for India till 2017 which had expired in July 2013. Since 1976 US gives access to its market in reduced or zero rates of customs duties to wide range of industrial and agricultural products originating in certain developing countries.
Implications:
This move will favour India exporters to increase the quantum of their exports into the US markets. The sectors like engineering, chemicals, gems and jewellery, agri-produce will increase demand and will fillip export for US markets. It will increase US Dollar reserves.
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Month: Current Affairs - August, 2015