Current global economic uncertainties have made the extension of the RoSCTL scheme for three more years, a dire necessity; says Naren Goenka, President, AEPC.
According to Goenka, in order to boost exports to $40 billion by 2030, the industry needs to focus on innovation and faster clearances. It also needs to expand market and product basket, adopt cluster-based model, bring in investments and enhance branding efforts, he adds.
Goenka also urges the industry to focus on harnessing the potential of e- commerce segment and Free Trade Agreements (FTAs), practise sustainability, and responsible business practices.
The RoSCTL scheme was approved in 2021to provide garment exporters a rebate on central and state taxes on their outward shipments till March 2024. Under the RoSCTL scheme, the maximum rate of rebate for apparel is 6.05 per cent, while for made-ups this is up to 8.2 per cent. Garments and made-ups segments such as home textiles products are covered under the scheme. Global economic uncertainties are increasing due to Russia-Ukraine and Israel-Hamas conflicts. Attacks on ships at the Red Sea are also impacting smooth supply of goods across countries.
