: Export bodies seek RoDTEP revision to include SEZ & EOU products #FinanceIndia #StockMarketNEWS Export bodies seek RoDTEP revision to include SEZ & EOU products New Delhi, Sept 3 (KNN) As India embarks

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Export bodies seek RoDTEP revision to include SEZ & EOU products #FinanceIndia #StockMarketNEWS
Export bodies seek RoDTEP revision to include SEZ & EOU products New Delhi, Sept 3 (KNN) As India embarks on its Aatmanirbhar Bharat journey at breakneck speed, a key element behind fulfilling that dream is the exports sector for which Indian export bodies have sought RoDTEP revision to include SEZ and EOU products.

The country’s merchandise exports rose to a record high of 35. 2 billion dollars in July 2021, the highest-ever monthly figure ever in the country’s history, according to data by the Ministry of Commerce.

But the immense potential and the economic promise the Indian exporters are capable of delivering when encouraged with adequate support. Right now, just becoming a global manufacturing hub similar to China, will not be sufficient as Indian exporters also need to be globally competitive vis-à-vis major exporter countries in the international markets. Globally the Government supports to enhance cost-competitiveness of exports by way of various incentives/subsidies for raw materials, tax benefits & tax incentives are prevalent, majorly in China, GCC countries and other manufacturing majors, and India also needs similar push to boost exports.

The exporters community was desperately waiting for notification of RoDTEP rates for over the last eight months since its announcement on 31. 12. 2020. However, there is high uncertainty arising for a large segment of exporters as the notified guidelines have excluded various key export segments from the purview of the RoDTEP Scheme, such as the exports from SEZs/EOUs, against Advance Authorization, DIFA, from non-EDI ports and bonded warehouses u/s 65 of Customs Act, 1962 which are crucial for Indian economy.

Meanwhile, the erstwhile Merchandise Exports from India Scheme (MEIS) regime was also applicable on such exports and entailing the cost-competitiveness to Indian exporters. In fact, MEIS scheme gave the necessary impetus to Indian exporters to compete in the global market, resulting in a net increase of exports in the last couple of years.

Various industry associations and export chambers like FIEO, EEPC, FIMI, ISA, AAI etc. have appealed to the government to revisit the RoDTEP guidelines for inclusion of certain export segments which have been excluded. They need the support of RoDTEP to be successful contributors to the economy, read a statement on Thursday.

If the rates are revised, then these export categories can help the economy achieve the target of 400 billion dollars this fiscal and further the target of 1 trillion dollars by 2025, the statement added.

Contrary to the benefits available for the aforementioned exports category, the ambit of RoDTEP Scheme provides a much wider coverage with remission of embedded Central, State and local duties/taxes that are not being rebated/refunded other than the Basic Custom Duties.