New Delhi, Jul 15 (KNN) Apparel Export Promotion Council (AEPC) Chairman Dr A Sakthivel welcomed the government’s decision to continue the Rebate of State and Central Taxes and Levies (RoSCTL) Scheme on apparels and made-ups till March 31, 2024.

“I am extremely grateful to Hon’ble Prime Minister Shri Narendra Modi, Hon’ble Finance Minister Smt Nirmala Sitharaman, and Hon’ble Minister of Textiles and Commerce & Industry Shri Piyush Goyal for extending the RoSCTL scheme till March 2024,” Dr Sakthivel said.

“It will refund all embedded taxes and make our products globally competitive. The scheme will go a long way in bringing back positive sentiments and helping the Indian textile value chain attain $100 billion annual exports in next three years,” the Chairman said.

Dr Sakthivel said that the scheme will prove to be a major strategic decision towards generating lakhs of new employment, particularly for the vulnerable sections including semi-skilled, rural youth, migrants and women in the MSME segment. It will also help in achieving the envisioned goal of “Aatmanirbhar Bharat”.

“The encouragement given to the textile sector, which directly employs 45 million people, most of them being women, will benefit a much larger population and will be more inclusive in nature.

“The RoSCTL scheme will make Indian textile and apparel industry more competitive in the global market,” Dr Sakthivel said, adding that the industry is highly excited about the huge potential.

The Chairman said that the scheme will help check the declining trend being witnessed in apparel exports. India’s apparel exports have been losing market share to competitors. It fell 20.8 per cent in one year from 15,509 million dollars in 2019-20 to 12,289 million dollars in 2020-21.

“This declining trend in apparel exports is of concern for the nation, given its huge socio-economic importance. The scheme is all set to reverse the trend,” he added.