ASSOCHAM hails extension of duty remission RoSCTL for textile exports; to help entire value chain including farmers
ASSOCHAM hails extension of duty remission RoSCTL for textile exports; to help entire value chain including farmers
New Delhi, 15th July 2021: ASSOCHAM today 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 Mr Narendra Modi and Union Textiles Minister Mr Piyush Goyal for their continued support to the industry, including the textile sector, ASSOCHAM president, Mr 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, Mr 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, Mr 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., Mr Mohit Jain also 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.
About ASSOCHAM:
ASSOCHAM initiated its endeavour of value creation for Indian industry in 1920. It was established by promoter Chambers, representing all regions of India. Having in its fold over 400 Chambers and Trade Associations and serving over 4.5 lakh members across India. ASSOCHAM has emerged as the fountainhead of Knowledge for Indian industry, which is all set to redefine the dynamics of growth and development in the Knowledge Based Economy. More information available on www.assocham.org
