HEWA expressed thanks to Modi Government for extending the RoSCTL scheme for three years

New Delhi [India], July 17 (ANI/NewsVoir): HEWA (Home Textile Exporters’ Welfare Association) has expressed thanks to the Modi government for declaring the RoSCTL scheme that will be extended till 31st March 2024 at existing rates upto 8.2 per cent on Chapter 61, 62 and 63 in a cabinet meeting held on Wednesday, dated July 14, 2021, at New Delhi.

July 17, 2021

Business

4 min

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New Delhi [India], July 17 (ANI/NewsVoir): HEWA (Home Textile Exporters’ Welfare Association) has expressed thanks to the Modi government for declaring the RoSCTL scheme that will be extended till 31st March 2024 at existing rates upto 8.2 per cent on Chapter 61, 62 and 63 in a cabinet meeting held on Wednesday, dated July 14, 2021, at New Delhi.
The declaration extending the RoSCTL will reduce the cost of textile product and will provide a level playing field for Indian Exporter while negotiating for orders with Foreign buyers. More and more exports of Indian Textiles will be helpful in achieving the long cherished goal of ‘Atmanirbhar Bharat Mission’, which in turn generate employment and fetch foreign exchange for India.
It is a well known fact that RoSCTL scheme was stopped on 31.12.2020 and new RoDTEP scheme was launched on 01.01.2021 without rate notification. Due to which Indian Exporters were in a state of dilemma and un-stability was looming at large as they were not able to quote competitive price to International buyers.
It is a matter of pride to state that after taking cognizance of two suggestion petitions sent by HEWA, the Union Cabinet meeting was convened under able leadership of Prime Minister of India Narendra Modi on 14.07.2021, wherein it was unanimously decided and declared that RoSCTL scheme will be extended till 31.03.2024 at existing rates.
The petitions bearing file no. PMOPG/E/2021/0016476 dt. 08.01.2021 and PMOPG/E/2021/0106166 dt. 19.02.2021 were sent online to PM for his intervention in the matter of continuation of WTO compliant RoSCTL scheme. The extension of the RoSCTL scheme for more than 3 years upto 31.03.2024 will help to offset the Duty Disadvantage which the Indian Textile Exporters were facing for a long time due to LDC status and FTA being enjoyed by Textile Manufacturers of competitor countries such as Vietnam, Turkey, Cambodia, Bangladesh and Pakistan in major International Markets.
The extension of RoSCTL scheme till 31.03.2024 will give stability in the Textile Sector as the Indian Exporters will be in a position to cater big orders in International Markets at competitive rates. More and more investors will be attracted towards Textile Industry which will in turn increase India’s share in global market. The RoSCTL scheme is expected to give much needed growth of 12 to 15% CAGR in Exports.
India is supposed to export more than 150 billion US dollars by 2024 and have the capacity to generate approx.10 million more new jobs. As Indian Textile Sector is labour intensive Industry and can absorb skilled as well as unskilled male and female workers within 15 days of bare minimum training. As it is well known that RoSCTL scheme was suddenly discontinued on 01.01.2021 due to which the small textile exporters were facing hardships for selling their products in international markets at competitive rates.
The HEWA wrote several representations and suggestions to PM Office, Ministry of Finance, Ministry of Textile, Ministry of Commerce. In their struggle for release of RoSCTL, the HEWA delegates, Anant Srivastava & Vikas Singh Chauhan also met MP Rajya Sabha and India’s Sherpa to the G7, G20 countries Suresh P Prabhu and also Textile Secretary Upendra Prashad for continuation of RoSCTL until rate notification under RoDTEP scheme.
In turn Suresh P Prabhu forwarded HEWA’s representations to Finance Minister Nirmala Sitharaman, Minister of Textile Smriti Z Irani, Minister of Commerce Piyush Goyal. The Minister of State for Finance and Corporate Affairs Anurag Thakur also replied to the letter of Suresh P Prabhu regarding RoSCTL scheme.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)

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