The Chairman of the Council for Leather Exports (CLE), RK Jalan, expressed his satisfaction on Friday regarding the extension of the Remission of Duties and Taxes on Export Products (RODTEP) Scheme to Export Oriented Units (EOUs), Special Economic Zone (SEZ) units, and units availing of the Advance Authorization Scheme.
This announcement was made by Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Piyush Goel.
Jalan highlighted the significance of this extension for the leather and footwear industry, stating that the RODTEP rates for EOUs & SEZ units, and units availing of the Advance Authorization Scheme, stand at 0.8% for finished leather, 0.7% for leather goods, 0.8% for leather footwear, 0.6% for non-leather footwear, and 0.6% to 0.9% for footwear components under HSN 6406.
“This extension comes at a crucial juncture when the leather and footwear industry is striving to boost export growth. It will enhance the price competitiveness of our products,” remarked CLE Chairman Jalan.
Expressing gratitude on behalf of the leather and footwear industry, Jalan thanked the Union Minister for his support, emphasizing the potential impact on export growth.
He stated, “This initiative is instrumental in achieving our goal of more than 13% Compound Annual Growth Rate (CAGR) in exports and reaching the targeted export value of USD 12.5 billion by 2030, up from USD 5.26 billion in 2022-23.”
Furthermore, Jalan appreciated the Minister’s announcement regarding the revamp of the e-BRC system, foreseeing significant benefits for e-commerce businesses.
In summary, the extension of the RODTEP Scheme signifies a substantial boost for the leather and footwear industry, positioning it for accelerated export growth and competitiveness in the global market.