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RoSCTL extension to boost India’s textile exports

Jul 16, 2021
RoSCTL extension to boost India’s textile exports

Apparel Export Promotion Council (AEPC) Chairman A Sakthivel has welcomed the government’s decision to continue the Rebate of State and Central Taxes and Levies (RoSCTL) Scheme on apparels and made-ups till March 2024.
Sakthivel stated that he is grateful to Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman, and Minister of Textiles and Commerce & Industry Piyush Goyal for extending the RoSCTL scheme till March 2024, that will refund all embedded taxes and make the products globally competitive.

The scheme will go a long way in bringing back positive sentiments and helping the Indian textile value chain attain $100 billion annual exports in next three years. He added that the scheme is a strategic decision towards generating lakhs of new employment, particularly for the vulnerable sections including semi-skilled, rural youth, migrants and women in the MSME segment and will also help in achieving the envisioned goal of 'Aatmanirbhar Bharat'.

Sakthivel also said that the encouragement given to the textile sector, which directly employs 45 million people, most of them women, will benefit a much larger population and will be more inclusive in nature.

The scheme will help check the declining trend being witnessed in apparel exports. India’s apparel exports have been losing market share to competitors. It fell by 20.8% in one year from $15,509 million in 2019-20 to $12,289 million in 2020-21.

Source: The Economic Times

Image Sources: Google Images

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