Welcoming and thanking the Hon'ble Prime Minister, Shri Narendra Modi, Hon'ble Finance Minister, Smt Nirmala Sitharaman and Hon'ble Commerce & Industry and Textiles Minister, Shri Piyush Goyal for continuance of the RoSCTL benefits for apparel/garments and made-ups till 31^st of March, 2024, at the same rates as notified in March, 2019, Dr A Sakthivel, President, FIEO said that this is a huge support to apparel and made-up sectors and will help to increase their competitiveness immensely. 

The extension of the Scheme for almost 3 years provides stability and predictability, which augurs very well for the long-term contracts thereby ensuring additional investment in the segment creating new employment opportunities in the sector. FIEO Chief said that many neighbouring countries have emerged as our competitors having tariff advantage either on account of LDC status or owing to effective free trade agreements. The extension of RoSCTL benefit coupled with free trade partnership with US, UK, EU, Australia, Canada, etc. would be a game changer for Indian apparel and made-ups sectors and will help the sector to get its rightful share in the global trade.

President, FIEO requested the Government that the RoDTEP rates for other sectors may also be announced soon so that exporters could avail the benefit with effect from 1^st of January, 2021 augmenting their liquidity.

Exports during calendar year 2020 (US$)

(Source: Federation of Indian Export Organisations)

Also read: Highest-ever quarterly growth in exports shows resilience of exports sector & strength of Indian economy: President, FIEO

To explore business opportunities, link with me by clicking on the 'Connect' button on our eBiz Card.

Image source: shutterstock.com

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.