Various trade bodies of textile industry have thanked the Government for announcing the rates of Remission of Duties and Taxes on Exported Products (RoDTEP) scheme, and fulfilling the long-awaited and pending demand of the Indian textile exporters who were not covered under the RoSTCL scheme.
T. Rajkumar, Chairman, Confederation of Indian Textile Industry (CITI) said that the export of textiles products has suffered in the last few years due to the non-availability of duty-free access.
He added that this has pushed India to the sixth position in the global textile trade from the second position due to the withdrawal of certain export benefits extended for yarns and fabrics and other products such as incremental export incentive, focus product and focus market export incentives, interest subvention, etc.
He further stated that the Indian textile industry was attracting embedded taxes to the tune of 6-8 per cent on the cotton yarn and cotton fabrics products and the same were not getting refunded to them at any stage.
Also Read: RoDTEP rates announced by Indian Government! Impetus to yarn and fabric exports
“The scheme will place Indian textile exporters at par with international competitors and allow them to penetrate new markets to increase their market share and make the Indian textile industry Atmanirbhar in all senses,” he said.
Manoj Kumar Patodia, Chairman, TEXPROCIL said that it will go a long way not only in ensuring the healthy development of the value chain, but also improving India’s competitiveness in overseas markets.
He also pointed out that the RoDTEP Rates will go a long way in empowering clusters to manufacture raw materials, supply finished goods, increase employment and realise the vision of an “Atmanirbhar Bharat.”