Published on 14/02/2018 2:32:53 PM | Source: Dion Global Solutions Ltd

Increase in ROSL allocation to boost textile exports: Minister

Textile Minister Smriti Irani has said that initiatives like 39 per cent increase in allocation for remission of state levies (ROSL) in the Budget would help boost textile export. Commenting on the issue, Textile Minister Smriti Irani told the media, “The Budget allocation for ROSL scheme has been raised to to Rs 2,163.85 crore from Rs 1,555 crore in 2017-18. Allocations under the technology upgradation fund scheme (TUFS) have also been increased by 15 per cent in the Budget.”

Irani said the Rs 6,000-crore package announced for apparel sector last year, and 39 per cent increase in ROSL would help push the exports. The largest component of the package was ROSL to offset indirect taxes levied by states that were embedded in exports. The minister added that in the past one year, the government has given the industry close to Rs 1,800 crore as a part of this package and a payment of Rs 300 crore is in the pipeline for this financial year.