ASSOCHAM hails RoSCTL extension for textile exports

ASSOCHAM hails RoSCTL extension for textile exports

The continuation of RoSCTL scheme would provide a stable and predictable policy regime, allowing exporters to negotiate well in a highly competitive global market, stated ASSOCHAM President, Vineet Agarwal.

New Delhi 

 

ASSOCHAM has welcomed the
decision of the Union Cabinet for continuation of Rebate of State and Central
Taxes and Levies (RoSCTL) on export of apparel/garments and made-ups till March
31, 2024 stating the move would provide a big relief to the highly
employment-oriented sector at a time when Indian exports stand out as one of
the bright spots for the economy, braving Covid 19 pandemic.

 

Thanking Prime Minister Narendra
Modi and Union Textiles Minister Piyush Goyal for their continued support to
the industry, including the textile sector, ASSOCHAM President, Vineet Agarwal,
said, “We have long advocated rebates of taxes and duties embedded in the
system on exports. The RoSCTL scheme would give our textile industry a level
playing field, competing with our neighbouring countries which enjoy duty-free
access to the all-important European market.” 

 

The RoSCTL has been extended for
the next three years with the same rates of remission as on March 8, 2019. The
ASSOCHAM President said the continuation of the scheme would provide a stable
and predictable policy regime, allowing exporters to negotiate well in a highly
competitive global market.

 

ASSOCHAM past-President and Chairman
of a well-diversified Welspun Group, B K Goenka, said, “The important
initiative of RoSCTL would go a long way in establishing India as one the most
competitive and reliable sources for textile products and generate employment
right across the value chain. The textile exports are an important contributor
to India’s foreign exchange reserves. Besides, the industry is inter-twined
well with the cotton growers and the entire farm sector.”  

 

Complimenting the government, the
ASSOCHAM Secretary General, Deepak Sood said, “The Indian textile sector has
vastly diversified, with the industry catering to both the domestic and
international markets offering an array of products. Leveraging technology
platforms, Indian startups and entrepreneurs would be further encouraged by
incentive schemes to reach out to the global market.”  

 

Mohit Jain, Chairman – Textiles, ASSOCHAM,
and Executive Vice Chairman of Indo Count Industries Ltd, said, “First &
foremost we would like to thank our esteemed Prime Minister for his direction
and support from time to time to our textile sector. We have been witnessing
our Prime Minister’s exceptional vision, leadership and strategic approach in
building our nation’s economy.”

 

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