New Delhi: The government's decision to extend export benefits under the RoDTEP scheme till June 2024 will help boost domestic manufacturing, exports and create jobs, CII national committee on EXIM Chairman Sanjay Budhia said on Thursday. The scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) provides for refund of taxes, duties and levies that are incurred by exporters in the process of manufacturing and distribution of goods and are not being reimbursed under any other mechanism at the central, state or local level.
The scheme is operational since September 2021.
"It is a welcome step which will boost exports, generate employment and will go a long way in making India a global manufacturing hub," Budhia said.
He said that most of the manufacturers and exporters of value-added engineering products are from the MSME sector and its inclusion in the scheme will greatly boost their growth prospects.
"Such measures are aimed at fostering globally competitive firms and enhancing the export potential of the Indian economy," Budhia, who is also Managing Director of Patton Group, said.
Under the scheme, a support of Rs 27,018 crore has been extended till March 31, 2023, so far.
At present, over 10,342 export items get the RoDTEP benefits.
The incentive is paid in the form of transferable duty credit scrip which can be used to pay import duties or sold in the market by exporters.
Source Name : Economic Times