Apparel, Fashion & Retail | Finance & Economy | News & Insights

Union Budget 2024-25 is balanced and growth-oriented budget

Published: February 1, 2024

–          Extension of RoSCTL will ensure competitiveness of RMG exports in overseas markets: AEPC Chairman

1st February 2024, New Delhi/ Gurugram: The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the continuation of the Scheme for Rebate of State and Central Taxes and Levies (RoSCTL) for export of Apparel/Garments and Made ups up to 31st March 2026. Reacting on the extension of RoSCTL Shri Sudhir Sekhri, Chairman AEPC said, “This scheme will help the Apparel Industry immensely to plan the business on a consistent basis while staying competitive. At a time when the traditional markets of the USA & EU are facing unprecedented recessionary trends, the extension of this scheme for next two years has brought much- needed relief to the industry.” On behalf of the entire apparel export community, I extend my sincere thanks to the Hon’ble Prime Minister Shri Narendra Modi and the Hon’ble Minister of Textiles, Shri Piyush Goyal, he added.

RoSCTL scheme is essentially to rebate all embedded State and Centre taxes and levies on garment and made- ups to enhance competitiveness. Allocation of funds for the Rebate of State and Central Taxes and Levies (RoSCTL) scheme has been increased from Rs. 8404.66 crores to Rs. 9246 Crores in the union Budget 2024-25.

Commenting on the Union Budget 2024-25 Shri Sudhir Sekhri, Chairman Apparel Export Promotion Council has welcomed the Interim Union Budget presented by the Union Finance Minister Nirmala Sitharaman. Shri Sekhri in his statement said, “This budget underlines the progressive vision of the government for holistic growth. This Interim Budget is balanced, reform oriented and forward looking. It has taken care of both the growth of the economy and the geo- political consideration of the time. The Interim Budget 2024 also successfully underlined the roadmap with time-frame for bringing the Indian economy as an attractive destination for investment and growth.”

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