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‘U.S. move on GSP may lead to job loss’

Staff Reporter

NEW DELHI: Union Commerce and Industry Minister Kamal Nath on Tuesday expressed concern over the U.S. Government’s decision to end the “Generalised System of Preferences” (GSP) for gold jewellery and brass lamps from India that could lead to loss of jobs in the domestic jewellery sector which till now enjoyed duty-free access in the American market.

The withdrawal of GSP would mean that exporters of gold jewellery from India would have to pay four per cent duty. The move will impact close to $1.8 billion of jewellery exports to the U.S., which account for one-third of the total shipment of $5.21 billion.

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