RoDTEP Benefits Expanded To Boost Exporters

New Delhi, Mar 9 (KNN) Commerce and Industry Minister Piyush Goyal introduced a range of initiatives focused on streamlining the export framework for export-oriented units, functioning within special economic zones or engaged in the advance authorisation scheme, on Friday.

He announced an extension of benefits under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme.

Despite noting a potential marginal decrease in goods exports compared to the previous year, Goyal emphasised encouraging growth trends, particularly in February, driven by favourable oil prices.

He urged businesses to set ambitious targets for the upcoming financial year, highlighting the need for sustained growth after a period of consolidation.

Last year saw a 7 per cent rise in India's goods exports to USD 451 billion and a remarkable 27 per cent increase in services exports to USD 322 billion.

Goyal attributed the overall stability in exports to a slight decrease in goods exports offset by a rise in services exports, despite geopolitical tensions.

Among the announced reforms, Goyal introduced a revamped Electronic Bank Realisation Certificate (eBRC) scheme aimed at streamlining the process of receiving export proceeds in bank accounts.

This new mechanism relies largely on self-declaration and electronic data transmission, reducing paperwork for exporters.

Goyal assured that RoDTEP benefits would be available to entities in special economic zones and beneficiaries of the advance authorisation scheme starting Monday.

However, operationalisation for special economic zones is expected by April, pending resolution of technical issues.

The minister noted that a decision on extending the scheme beyond September would be made after the presentation of a full budget.

Director General of Foreign Trade Santosh Sarangi announced an outreach program targeting small artisans, handloom, handicraft, and other sectors to bolster e-commerce exports, furthering the government's efforts to enhance export capabilities.

(KNN Bureau)