Budget Extends RoSCTL Scheme For Apparel & Made-Up Exports
Finance Minister Nirmala Sitharaman in her interim budget has continued the Scheme for Rebate of State and Central Taxes and Levies (RoSCTL) for the export of apparels and made-ups until March 31, 2026.
The RoSCTL, whose budgetary allocation has been increased by 10 percent, has proven to be instrumental in enhancing the competitiveness of Indian exports in the apparel and made-ups segments.
By extending the scheme, the government aims to maintain predictability and stability in the policy regime, alleviating the burden of taxes and levies and fostering a level playing field.
The interim budget announced on February 1 has hiked the budget outlay for the textile industry by 27.60 percent to Rs 4,392.85 crore for fiscal 2024-25.
The hike of 27.6 percent is largely due to the allocation of Rs 600 crore for Cotton Corporation of India towards the cotton MSP operations.
The budget for research and capacity building within the sector has been nearly doubled from Rs 380.50 crore in the ongoing fiscal to Rs 646 crore for the upcoming fiscal.
The Finance Minister has also significantly hiked budget allocation for PM-MITRA scheme by nearly six times from Rs 52.30 crore in 2023-24 to Rs 300 crore in 2024-25.
The National Handloom Development Programme’s budget outlay has been modestly been increased from Rs 190 crore to Rs 200 crore.
While the budget allocation for the National Handicraft Development Programme has risen from Rs 171.19 crore in current fiscal to Rs 236 crore in next fiscal.
