RoDTEP announcement will enhance export growth trajectory to achieve the ambitious target of USD 400 Bn in FY2021-22: PHD Chamber

No. PR- 082

August 17, 2021

New Delhi

 

RoDTEP announcement will enhance export growth trajectory to achieve the ambitious target of USD 400 Bn in FY2021-22: PHD Chamber

The announcement made by the Ministry of Commerce and Industry regarding the long-awaited RoDTEP rates and pending refunds  was urgently needed as it will make it easier for exporters to calculate their costs and inputs, said Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry, in a press statement issued here today.

RoDTEP announcement will encourage exporters to increase their exports, thereby providing a push to the country’s overall economic growth trajectory. Furthermore, it will compensate for inefficiencies in infrastructure and the costs associated with exporting products manufactured in India, with a special emphasis on those that are of export interest to India and have the potential to generate employment and boost India's export competitiveness in the global markets, said Sanjay Aggarwal.

It is inspiring to note that the notification for almost 8555 products with scheme rates ranging from 0.5% to 4.3%.  Overall, the Government appears to have done a fair job of allocating the benefit to a large sector of industry given the budgetary constraint, said Sanjay Aggarwal  

We hope that in future these rates will be revised to reflect the actual duty and taxes suffered by the industry and more and more sectors would be covered along with exports made under Duty Exemption Schemes, EOUs, SEZs, bonded warehouses etc. who all suffer the hidden and unutilized duties, said Sanjay Aggarwal

RoDTEP notification will entitle eligible exporters to a refund as a percentage of FOB value, subject to a value cap per unit of exported product, and will fairly reflect the interests of small exporters while improving their export competitiveness, said Sanjay Aggarwal.

End

Media Division

 

PHD Chamber of Commerce and Industry