India News | Centre Notifies Extension of RoDTEP Support to Advance Authorisation Holders, Export Oriented Units and Special Economic Zones Units

New Delhi [India], March 8 (ANI): Union Commerce Minister Piyush Goyal has announced the extension of the Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme support to additional export sectors in New Delhi on Friday.

The Ministry of Commerce and Industry said in its release that the Centre has announced the extension of the RoDTEP Scheme support to additional export sectors i.e. Advance Authorisation (AA) holders, Export Oriented Units (EOU), and Special Economic Zones (SEZ) export units.

Also Read | Lok Sabha Elections 2024: Rahul Gandhi Fielded Again From Kerala's Wayanad As Congress Releases First List of Candidates for General Polls; Check Full List.

"This decision comes in recognition of the significant contribution these sectors make to India's exports, constituting approximately 25 per cent of our exports. Amidst global economic uncertainties and supply chain disruptions, extending RoDTEP to uncovered sectors such as AA, EOU, and SEZ units will help the exporting community handle the international headwinds," the ministry said.

The Remission of Duties and Taxes on Exported Products (RoDTEP) scheme is a key initiative by the Government of India aimed at refunding various embedded taxes and duties on exported products.

Also Read | Rameshwaram Cafe Blast: NIA, Central Crime Branch Detain Two Including Cloth Merchant in Connection With Blast in Bengaluru.

Since its inception in January 2021, the RoDTEP Scheme has already provided support amounting to Rs 42,000 crore to more than 10,500 export items at the 8-digit ITC HS Code level. In the current financial year, the scheme has a budget of Rs 15,070 crore, with an additional increase of 10 per cent in FY 2024-25, the ministry said.

The Commerce Ministry further added that, keeping budgetary allocation in mind, the extension of RODTEP to additional sectors is present until September 30, 2024.

"The extension of the RODTEP scheme to these sectors is aimed at enhancing India's export competitiveness in international markets. Key sectors such as engineering, textiles, chemicals, pharmaceuticals, food processing and many others stand to benefit from the measure," it said. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)