Government approves RoSCTL scheme extension for apparel
The government has given the go-ahead to extending the Rebate of State and Central Taxes and Levies scheme until March 31, 2024 for apparel exports with the aim of increasing global competitiveness.
The Ministry of Textiles announced on July 14 the government’s plan to continue to harness the RoSCTL scheme to boost exports and create employment opportunities until the end of the 2024 financial year, ET Bureau reported. The scheme covers clothing and made-ups with the same rates.
“It has helped India to improve cost efficiency and the export competitiveness of Indian textiles and garments in the international market,” said the Apparel Export Promotion Council’s chairman Naren Goenka, ET Online reported. “And, also promoted growth of start-ups and entrepreneurs in the domain. RoSCTL is a forward-looking and growth-oriented scheme which has provided a stable and predictable policy regime, helping boost exports and employment.”
The RoSCTL scheme was introduced in March 2019 to replace the previous Rebate of State Levies scheme. The scheme is part of wider government efforts to boost exports as well as domestic manufacturing across numerous sectors. The Union Government has been vocal about its ‘Make in India’ campaign for the apparel sector among others and believes India can address its trade deficit by boosting exports in areas such as fashion.
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