New Delhi, Feb 1 (KNN) The Union Cabinet has approved the extension of the Scheme for Rebate of State and Central Taxes and Levies (RoSCTL) for the export of Apparel/Garments and Made-ups until March 31, 2026.

Sudhir Sekhri, Chairman of the Apparel Export Promotion Council (AEPC), welcomed this decision, stating that the extension of RoSCTL will ensure the competitiveness of Ready-Made Garment (RMG) exports in overseas markets.

Chairman Sekhri emphasised the positive impact of the scheme, stating, “This extension will immensely help the Apparel Industry to plan business consistently while remaining competitive, especially amidst the unprecedented recessionary trends in traditional markets like the USA and EU. The two-year extension brings much-needed relief to the industry.”

Expressing gratitude, he added, “On behalf of the entire apparel export community, I extend my sincere thanks to Prime Minister Narendra Modi and Minister of Textiles, Shri Piyush Goyal."

The RoSCTL scheme aims to rebate all embedded State and Central taxes and levies on garments and made-ups, enhancing competitiveness. The allocation of funds for the scheme has been increased from Rs 8404.66 crores to Rs 9246 crores in the Union Budget 2024-25, as per an AEPC release.

Chairman Sudhir Sekhri also shared his positive views on the Union Budget 2024-25, praising it as balanced, reform-oriented, and forward-looking.

He highlighted the government's progressive vision for holistic growth and the budget's ability to address both economic growth and geopolitical considerations.

The Interim Budget sets a roadmap with a timeframe to position the Indian economy as an attractive destination for investment and growth, according to Sekhri.

(KNN Bureau)