The government is looking to extend export benefits under the well-liked Remission of Duties and Taxes on Exported Products (RoDTEP) scheme to the chemicals, pharmaceuticals, and iron & steel sectors beyond September 30, 2023, when it is scheduled to expire. This is because ongoing global uncertainty is slowing down India’s exports of goods.
“It appears that there will be enough money available to sustain the RoDTEP plan for the chemicals, pharmaceuticals, and iron & steel sectors beyond September 30th, 2023, based on the export prospects and the available budget for the scheme for this fiscal. Although the length of the extension has not yet been determined, it may last up to six months until the end of the fiscal year, according to a government official following the case.
funding for the RoDTEP programme in FY 2023 was increased by 10 per cent to Rs 15,069 crore, from Rs 13,699 crore in 2022-23. Exports in April 2023, on the other hand, declined by 12.7 per cent to $34.66 billion as recessionary trends in many Western economies and Russia’s continued war in Ukraine made an `active impact’.