Extension of RoSCTL scheme is the need of the hour: AEPC urges the government
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Apex body of apparel exporters AEPC on Thursday urged the government to extend the RoSCTL scheme, saying it is extremely necessary in view of the current global economic uncertainties. According to the Apparel Export Promotion Council (AEPC), the market is at an “all-time” low and the traditional markets of the US and the European Union (EU) are affected by the recession. AEPC Chairman Narendra Goenka said in a statement that in view of this situation, “it is extremely important to extend the scheme RoSCTL (Exemption of State and Central Taxes and Duties) beyond March 31, 2024.”
He said, “This scheme (RoSCTL) has helped the apparel industry a lot in staying competitive as well as preparing business plans.” He also asked the industry to focus on innovation and attracting foreign direct investment (FDI). “At present the apparel industry receives very little FDI, even though 100 percent foreign investment is allowed under the automatic route in the apparel sector,” Goenka said.
He said that to take exports from the current US$ 16-17 billion to US$ 40 billion by 2030, cost reduction, faster approvals, market and product expansion, adoption of cluster-based model, focus on innovation to bring in investment. There is a need to give etc. The maximum rate of exemption for apparel under the RoSCTL scheme was 6.05 per cent, while for ‘made-ups’ it went up to 8.2 per cent. ‘Made-up’ are textiles that are manufactured into a variety of useful products such as canvas bags, carpets, tapestries, pillow covers, kitchen linens and other craft items etc.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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