US President Donald Trump’s move regarding special business preference under GSP has backfired. Exports of Indian products to the US have increased by 32 per cent in June after being excluded from GSP. This information has been given by the Indian Trade Promotion Council (TPCI). About a month and a half ago, the US withdrew the benefit of GSP given to India, which was also opposed by India. Referring to data from the US International Trade Commission (USITC), TPCI said that exports of Indian commodities which were benefiting from GSP rose from $ 495.7 million in June last year to $ 657.4 million in June this year. Exports of things like plastic rubber, aluminum, machines and equipment, transport equipment, leather, pearls and precious stones have increased.
TPCI chairman Mohit Singla issued a statement saying that exports of Indian products removed from the GSP facility to the US increased 32 per cent in June this year compared to June last year. He said this was a significant trend, as it had previously claimed a benefit of $ 19 million under GSP. After its removal, this increase has made up the profit of $ 161.7 million. Now only $ 28.8 million profit remains to be achieved. Singla said that this shows that Indian products have the ability to compete globally and apart from recognition, it is not entirely dependent on support. The US had abolished the incentive for Indian products under the Generalized Preferential System (GSP) from June 5. This facility has been offered on 1,900 Indian products.