The US decision to withdraw export incentives from India has been taken in a "haste" and would hurt the domestic exporters, industry chamber CII said on Monday.
CII President Vikram Kirloskar expressed hope that both the US and India would discuss the matter and find an amicable solution to this issue.
The US has said it will withdraw incentives provided to Indian exporters under its Generalized System of Preferences (GSP) program with effect from 5 June.
"The issue of GSP has been done in a little bit of haste...It is certainly going to hurt us, especially small item exporters," he told reporters here.
He added that rolling back these benefits would impact both Indian as well as US companies.
"It impacts both the sides, not only us. It is boosting the competitiveness of US manufacturers by lowering their cost. About two-thirds of US imports are under GSP program and they are raw materials or components to manufacture goods," Kirloskar said.