Trade Hits: 1657

The Indian textile industry's trade associations applaud the RoDTEP rates

Trade Hits: 1657
The Indian textile industry's trade associations applaud the RoDTEP rates
Trade Hits: 1657

19th August 2021, Mumbai:

Various textile trade associations have expressed gratitude to the government for announcing the rates of the Remission of Duties and Taxes on Exported Products (RoDTEP) program, which has long been a desire of Indian textile exporters who were not covered by the RoSTCL scheme.

According to T. Rajkumar, Chairman of the Confederation of Indian Textile Industry (CITI), textile exports have deteriorated in recent years due to the lack of duty-free access.

He went on to say that the withdrawal of certain export benefits for yarns, fabrics, and other products, such as incremental export incentives, focus product and focus market export incentives, interest subvention, and so on, has pushed India to sixth place in the global textile trade from second place. He went on to say that the Indian textile sector was paying embedded taxes of 6-8 percent on cotton yarn and cotton fabric goods and that these taxes were never returned to them.

“The program would put Indian textile exporters on a level playing field with foreign rivals, allowing them to expand their market share and making the Indian textile sector Atmanirbhar in every sense,” he added. It will go a long way, according to Manoj Kumar Patodia, Chairman of TEXPROCIL, not only in guaranteeing the healthy growth of the value chain but also in enhancing India's competitiveness in international markets. He also mentioned that the RoDTEP Rates will help clusters manufacture raw materials, provide completed items, create jobs, and realize the goal of an "Atmanirbhar Bharat."

 

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