Exports of cotton textile products such as made-ups (including home textiles), fabrics and yarns have crossed the $14-billion-mark in the last 11 months against the government’s target of $12.50 billion for the current financial year.

Terming it as a landmark achievement in the history of country’s cotton textile exports, Manoj Patodia, Chairman, Cotton Textiles Export Promotion Council said that exports have exceeded the target by 102 per cent.

Shipments were boosted by the government’s move to extend the RoSCTL (Rebate on State, Central taxes and levies) scheme for made-ups and garments for three years till March 31, 2024. Also, the coverage of the entire value chain of textile products under the RoDTEP (Rebate on Duties and Taxes on Exported Products) scheme has also supported exports.

Both the schemes reimburse the incidence of duties and taxes, including embedded taxes incurred on the export products, thereby making them more competitive, said Patodia.

He expressed confidence that with the extension of the Interest Equalization Scheme, signing of the Indo-UAE free trade agreement in record 88 days, fast tracking of FTA with the UK, GCC, Australia and Canada would continue to boost exports.

“The government’s initiatives on ease of doing business, infrastructural and logistics development will keep cotton textile exports on the growth trajectory,” he added.

Meanwhile, Texproxil has urged the government to consider removal of Customs duty on raw cotton and include made-ups in the scheme for duty free imports of specified items that was introduced in the Union Budget 2022 for further accelerating textile exports.

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