New Dehi, Aug 11 (IANS) The Trade Promotion Council of India (TPCI) on Sunday said India’s exports to the US of products which were previously under that country’s GSP preferential tariff system registered a 32 per cent year-on-year growth in June 2019.
Citing data from the United States International Trade Commission (USITC), TPCI in a statement said that imports by the US from India in June 2019, of products previously under the Generalized System of Preferences (GSP) was $657.42 million, compared to $495.67 million in June 2018, reflecting a Y-o-Y growth of $161.74 million.
Commenting on the development, TPCI Chairman Mohit Singla said: “This is a clear indication that Indian products have the full potential to compete globally and not solely dependent on support. TPCI is a strong advocate of the phasing of subsidies and reducing government support.”
“The need is incentivising new sunrise sectors like furniture and electricals, by creating a cluster-based mega ecosystem, which can churn export growth completely. The era of continuing fixation of labour incentive sectors should be over, as their growths have already flattened, despite sustained support,” he said.
The major products which have shown increase in US imports are plastics, rubber, aluminum, machines and equipment, transport equipment, hides and leather, pearls and precious stones, among others, the statement said.
The share of GSP-benefited products in total exports from India to America was 12 per cent, which was withdrawn with effect from June 5, 2019.