India not eligible for US’ GSP benefits

The United States Trade Representative’s (USTR’s) office has recently classified India as a developed economy and it is ineligible for GSP benefits from the US.

The Generalized System of Preferences (GSP) scheme offers a lower tariff to the exporters of a select group of developing countries. India is the largest beneficiary nation under the GSP, which enjoyed a tariff-free access to the US, till last June.