US grants extension of GSP scheme to India

The US has given India the green flag and extended the generalized system of preferences (GSP) scheme. This enables duty-free entry of 3,500 product lines from India to the US, reports state. The scheme previously granted to India expired end July 2013 and has now been extended with retrospective effect from August 2013 till December 2017, reports say. The Indian gem and jewellery industry expects to see a boost in exports to the US and thereby an overall increase in exports, reports say. Amongst the products being permitted duty-free entry under the scheme include textiles, jewellery, engineering and chemical products.

There is anticipation that the increased exports to the US propelled by the scheme would in turn increase demand and thereby a further growth, reports say. The gem and jewellery sector is expecting an increase of around 10 percent in exports, reports say.