RoSCTL extension first step by PM towards $400 bn export target: AEPC

New Delhi, Aug 14 (KNN) Welcoming the Government’s notification on extension of Rebate of State and Central Taxes and Levies (RoSCTL) on exports, Apparel Export Promotion Council (AEPC) Chairman Dr A Sakthivel said that it is the first step by Prime Minister Narendra Modi towards achieving his vision of 400 billion dollars merchandise exports.

“I am extremely thankful to Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman, and Commerce & Industry and Textiles Minister Piyush Goyal for the notification. With this, the PM has taken the first step towards realizing the target of 400 billion dollars merchandise exports,” Dr Sakthivel said.

The Prime Minister, during a recent interaction with heads of Indian Missions abroad and key stakeholders of trade and commerce sector, including AEPC, had set an aspirational target of 400 billion dollars in merchandise exports for the ongoing fiscal.

The extension of RoSCTL till March 31, 2024, which was notified on Friday, was approved by the Union Cabinet on July 14, 2021 to make Indian textiles internationally competitive.

The Chairman said that the scheme will ensure refund of embedded taxes, cesses and duties. It will help increase exports of textiles and apparels, attract additional investment and provide direct and indirect jobs to lakhs of people, especially women, he said.

“The decision adds to the stability of the export policy of textiles. We now look forward to being a stronger global player with this continued RoSCTL support. The scheme will promote start-ups and entrepreneurs to start exporting their products. It will rejuvenate the textiles sector and, in three years, the Indian textile value chain can attain annual exports of 100 billion dollars,” Dr Sakthivel said.