ASSOCHAM Hails Extension of Duty Remission RoSCTL For Textile Exports

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ASSOCHAM welcomed the decision of the Union Cabinet for the continuation of Rebate of State and Central Taxes and Levies (RoSCTL) on the export of apparel/garments and made-ups till March 31, 2024. This 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 the Covid-19 pandemic, the oldest, leading and apex chamber of trade and commerce, maintained.

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.”

Continuation of RoSCTL Is Positive Step For Textile Exports: ASSOCHAM
The RoSCTL has been extended for the next three years with the same rates of remission as of March 8, 2019. Agarwal said the continuation of the scheme will provide a stable and predictable policy regime, allowing exporters to negotiate well in a highly competitive global market.

ASSOCHAM president Vineet Agarwal
ASSOCHAM past president and chairman of a well-diversified Welspun Group BK Goenka said, “The important initiative of RoSCTL will 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 intertwined 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.”

Chairman – Textiles, ASSOCHAM and executive vice-chairman – Indo Count Industries Ltd Mohit Jain also said, “First and foremost we would like to thank the 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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