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
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Sources: Google Images
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