Economy

Release of export refunds to help apparel sector bag more orders in festive season: Exporters

Our Bureau New Delhi | Updated on September 10, 2021

Will help country reach export target of $400 billion, says export promotion council

The government’s decision to release Rs 56,027 crore pending tax refunds under various schemes to exporters will help the apparel sector get additional export orders in the coming festive season, the Apparel Export Promotion Council (AEPC) has said.

"It will help exporters commit to bigger export orders and thus help them achieve the ambitious target of exporting $400 billion of merchandise this year,” said A Sakthivel, AEPC Chairman, in a statement.

The decision will benefit more than 45,000 exporters across the country, most of whom are in the MSME category, he added.

It will definitely ease their working capital needs, he said.

The healthy recovery in international demand for apparel ahead of the festive season will ensure that apparel exports this fiscal are well above pre-Covid levels.

"The refunds will help the sector come out of the ill-effects of the pandemic and thus help save lakhs of jobs,” Sakthivel said.

The schemes for which refunds will be released include MEIS (Rs 33,010 crore), SEIS (Rs 10,002 crore), RoSCTL (Rs 5,286 cr), RoSL (Rs 330 crore), RoDTEP (Rs 2,568 crore) and other legacy schemes including Target Plus (Rs 4,831 crore).

This amount is over and above the duty remission of Rs 12,454 crore for the RoDTEP scheme, and Rs 6,946 crore for the RoSCTL scheme already announced for exports made in 2021-22, according to the Ministry of Commerce and Industry.

Published on September 10, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

You May Also Like