Although it is believed that the Trump Administration is in favor of maintaining good relations with India, recent news has come up stating a big loss of Indian exports at the hand of America.
Under its Generalized Preference Scheme, the USA charges no export duty for some Indian goods since 1970. Recently, however, the American government has revised the scheme and has done some major changes.
According to reports, America can cease the duty relaxation on some of these goods, or it can close the scheme entirely, and this is expected to cause a great loss of 560 crores to India. America’s decision will have a straight effect on small Indian businesses.
Trump Administration is taking this step against all those nations who are indulged in the export business with it. This decision can affect around 2000 manufacturing enterprises in India. After Trump coming to power, this would be the first major loss for India from the side of America. The end of this business tax relaxation can affect the Indian Economy to a great degree.