Textile exports can touch 20 billion $ in five years, says its chairman
The Cotton Textiles Export Promotion Council has sought extension of the Refund of State Levies (ROSL) to textile exports.
Chairman of the council Ujwal R. Lahoti has said in a press release that he had pointed out in a recent meeting with the Union Ministers of Textiles and Finance that cotton textile exports reached 11 billion $ last fiscal and can touch 20 billion $ in five years.
This requires policy support from the Government. The embedded taxes should be refunded, ROSL should be extended for textiles and pending GST, IGST claims should refunded at the earliest. He said in the release that the ministers had agreed to take steps for clearing the dues of ROSL refunds within 15 days, have promised that the Pillai Committee on Duty Drawback will examine issues of embedded taxes for all textile products, review the ROSL for made ups and include yarn and fabric under it, and clear pending GST and IGST refunds in 15 days to 20 days. Mr. Lahoti sought an integrated approach for the development of the textile industry so that the country’s share in global world trade in cotton textiles increases from 10 % to 15 % in the next five years.