Latest news with #RoDTEP
Business Standard
17-06-2025
- Business
- Business Standard
India's exports to grow robustly and resiliently supported by government continuous efforts: PHDCCI
Indias cumulative total exports (merchandise and services) registered a y-o-y growth of over 5%, increasing from USD 134.6 billion during April-May 2024 to USD 142.4 billion during April-May 2025. This resilient exports growth is driven by positive momentum of 3% in merchandise and 9.1% in services exports during the same period, said Shri Hemant Jain, President, PHDCCI, in a press statement. In May 2025, Indias overall exports (merchandise and services combined) accelerated to USD 71.12 billion, marking a 2.7% increase compared to the same month last year. This growth is driven by high merchandise exports of electronic goods (54.1%), marine products (26.8%), organic and inorganic chemicals (16%), drugs and pharmaceuticals (7.4%), and readymade garments of textiles (11.3%), among others. On the import side, declines were seen in categories such as pulses, transport equipment, fertilizers, crude oil, coal, gold, and vegetable oils , he said. Amid USA trade policy uncertainty, Indias trade relations remained resilient as exports to the USA grew by over 20% during April-May 2025 vis-a-vis April-May 2024. Trade with other major partners also showed promising trends. Exports to Australia surged by over 50%, Oman by 40.9%. China by 18.7%, and the United Arab Emirates by 12.3%, he said. Going ahead, we anticipate exports to grow robustly and resiliently supported by government continuous efforts to diversify the export market and boost Indias exports competitiveness with initiatives like the recent restoration of RoDTEP benefits, he said.
Time of India
12-06-2025
- Business
- Time of India
Task force on textiles exports sets collaborative roadmap to boost India's global market share
The Ministry of Commerce & Industry held the inaugural meeting of the Task Force on Textiles Exports under the chairmanship of Commerce Secretary Sunil Barthwal at Vanijya Bhawan on June 10. The high-level meeting marked a significant step toward building a collaborative framework aimed at enhancing India's share in global textile exports, the ministry said in an official release. The newly formed Task Force is envisioned as a unified platform to address critical challenges in the textile sector, foster stakeholder engagement, and develop actionable strategies to boost exports across the textile value chain. The discussions at the meeting were comprehensive, covering a wide range of policy and operational issues. Key focus areas included: Upgrading ESG infrastructure in garment units Promoting renewable energy use Addressing EU Deforestation Regulation (EUDR) compliance Expanding e-commerce channels for textile exports Simplifying regulatory frameworks, improving labour productivity, and enhancing cost competitiveness Focused support for MSME exporters, including export credit, certification, and testing support Scheme-related suggestions on RoDTEP, RoSCTL, and Duty Drawback Promotion of PM MITRA Parks, jute diversified products, separate HS codes for GI products, and natural fibre productivity The meeting was attended by senior officials including Special Secretary Rajesh Agrawal, Special Secretary L Satya Srinivas, FA Arti Bhatnagar, DGFT Ajay Bhadoo, and Additional Secretary (Textiles) Rohit Kansal, along with representatives from related departments, Export Promotion Councils (EPCs), industry associations, and leading exporters. Exporters and council members shared critical insights and provided recommendations for sectoral improvement. Based on these deliberations, the Chair directed that sub-task forces be formed on key thematic areas. Each sub-task force will be led by the concerned ministry and will include members from EPCs and industry stakeholders. Their mandate will be to deliver practical, time-bound recommendations to the main Task Force. The meeting concluded with a shared commitment to advancing India's textile export goals in alignment with the Viksit Bharat Vision 2047 , reinforcing the government's resolve to position India as a global textile powerhouse.
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Business Standard
11-06-2025
- Business
- Business Standard
Centre sets up a new task force to boost country's textile exports
In a bid to enhance India's textile exports at a time when the country is signing trade deals with developed nations, the government has set up a new task force that will look into sector-specific bottlenecks such as regulatory hurdles, cost competitiveness and lack of enough export credit. Commerce Secretary Sunil Barthwal has been appointed as the chair of the task force with representation from officials of Department of Commerce, Ministry of Textiles, Directorate General of Foreign Trade, along with representatives from export promotion councils, industry associations and exporters. In its first meeting, the task force decided to set up several issue-specific sub-groups, which will be led by relevant ministries in coordination with export promotion councils and industry representatives. These sub-groups will provide actionable recommendations to the task force, the commerce and industry ministry said. The discussion touched upon a wide range of issues affecting the textile value chain. These included upgradation of Environmental, Social and Governance infrastructure in garment manufacturing, use of renewable energy in manufacturing, European Union's Deforestation Regulation (EUDR), strengthening e-commerce for export growth, labour issues, cost competitiveness for productivity enhancement, skilling, and branding. Participants also raised issues with export-related incentives such as RoDTEP (Remission of Duties and Taxes on Exported Products) and RoSCTL (Rebate of State and Central Taxes and Levies). They also sought collateral support for export credit for MSMEs. Stakeholders also discussed PM MITRA textile parks, development of new Jute Diversified Products (JDPs), separate harmonised system (HS) codes for Geographical Indication products, productivity enhancement for natural fibres such as jute and matters about the Export Promotion Mission.
The Hindu
05-06-2025
- Business
- The Hindu
A Eurocentric reset, a gateway for India
In a diplomatic move, with far-reaching consequences, United Kingdom Prime Minister Keir Starmer's new agreement with the European Union (EU) signals a powerful 'reset' of their relations, resuming cooperation on food standards, fishing rights, defence and border checks. While this development may appear Eurocentric, it opens a gateway to possibilities and challenges for India that demand urgent attention. The U.K. and the EU are among India's most important trade and diplomatic partners, and their renewed alignment could redraw India's global strategy map. For Indian exporters, this could simplify compliance and revive supply chain fluidity. For policymakers, this presents an opportunity to strengthen strategic alliances. For the diaspora, this could reshape education and migration prospects. In short, the U.K.-EU reset is not just a regional recalibration. It is a moment that could redefine India's trade corridors, diplomatic engagements, and soft power leverage in the West. A reshaping of India's export dynamics The renewed collaboration in areas such as food safety, customs coordination and fisheries is poised to significantly influence Indian exports to both regions. In FY2024, India's exports to the EU stood at $86 billion, while exports to the U.K. totalled $12 billion, highlighting their strategic role in India's external trade. Post-Brexit, Indian exporters have grappled with navigating two separate regulatory regimes, especially in key sectors such as pharmaceuticals, textiles, seafood, and agro-based products. A harmonised U.K.-EU regulatory framework could simplify compliance, reduce redundancy and lower operational costs. India, a significant supplier of generic medicines to the U.K., fulfilling over 25% of its pharmaceutical needs, would benefit from a unified approval mechanism that accelerates clearances and enhances cost efficiency. Similarly, Indian seafood exports, valued at ₹60,523.89 crore (approximately $7.38 billion) in FY2024, could face fewer trade barriers if the food standards and fishing policies are aligned. However, tighter common standards might challenge Indian Small and Medium Enterprises, which often lack the capital and technical know-how. To remain competitive, India must strengthen its export ecosystem through initiatives such as the Remission of Duties and Taxes on Exported Products (RoDTEP) and the Production-Linked Incentive (PLI) scheme. A stronger voice in global diplomacy Beyond trade, the geopolitical dimensions are significant for India. A more synchronised U.K.-EU foreign policy, particularly in defence and the Indo-Pacific, offers India an avenue to enhance its multilateral coordination with the EU. India already operates under the EU-India Strategic Partnership: A Roadmap to 2025, and in 2022, it renewed its Comprehensive Strategic Partnership with the U.K., covering cyber security, climate action, and maritime security. As the U.K. realigns its policies with the EU, India could benefit from cohesive western support on global platforms, such as the United Nations, the G-20, and the World Trade Organization (WTO). Strategic ties with France, Germany and the U.K. are vital to India's defence modernisation and technological ambitions, especially regarding naval power. Notably, India-France bilateral trade reached $15.1 billion in 2024-25; landmark defence agreements with Germany and the U.K. have focused on technology transfer and joint development. A coordinated U.K.-EU defence policy could open doors for deeper trilateral or multilateral engagements in the Indo-Pacific, where shared concerns over China's assertiveness persist. Additionally, India's leadership in the Global South — spotlighted during its G-20 presidency in 2023 — can be amplified by leveraging the U.K.-EU thaw to drive collective action on climate finance, digital infrastructure and global governance reforms. A unified West could become a more dependable ally for India if it engages with India, strategically and assertively, in the future Enhancing trade and talent power On the mobility front, India has the world's largest diaspora, which includes large communities in the U.K. and across the EU. In 2024, the U.K. issued more than 1,10,000 student visas to Indian nationals, placing India among the top sources of international students. While post-Brexit restrictions limited access for Indian professionals to EU markets, renewed U.K.-EU border coordination could enable partial mobility, creating a semi-integrated talent corridor. This could also bolster India's migration pacts with Germany, France and Portugal by embedding them within a broader U.K.-EU framework. These converging shifts — trade liberalisation, mobility reintegration, and foreign policy alignment — present rare diplomatic and economic opportunities. To seize these opportunities, India must accelerate reforms, modernise its export infrastructure, and assert its role in global governance. Vipin Benny is Assistant Professor and Research Supervisor, St. Thomas College (Autonomous), Thrissur, Kerala, and the author of 'The Scenario of Economic Innovations in India: An Idea for Inventor' (2021) and 'Elevating Excellence: The Relevance of Internal Marketing in Higher Education Institutions in India' (2023)
Business Standard
28-05-2025
- Business
- Business Standard
Restoration of RoDTEP Scheme for AA, SEZ, and EOU Exports ensures that key contributors to exports are not excluded from critical incentives
Associated Chambers of Commerce and Industry of India (ASSOCHAM) has commended the Government of India for restoring the benefits under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme for exports from Advance Authorisation (AA) holders, Export-Oriented Units (EOUs) and Special Economic Zones (SEZs), effective June 1, 2025. The restoration ensures that key contributors to Indias exports are not excluded from critical incentives, especially at a time when global competitiveness and domestic industrial resilience are of utmost importance. ASSOCHAM has consistently advocated for the extension of RoDTEP to all exporting entities, including those operating in SEZs and under AA and EOU frameworks. This move will correct the gap that created cost disadvantages for such units and is aligned with Indias WTO commitments, noted Manish Singhal, Secretary General, ASSOCHAM.
