On Tuesday, representatives of over 20 textile associations and export promotion councils from Tamil Nadu had a meeting with Union Finance Minister Nirmala Sitharaman in Chennai. During the meeting, these representatives asked for a two-year moratorium for repayment of principal bank loans, 30% collateral-free loans under the emergency credit line guarantee scheme (ECLGS) with 5% interest subvention, extension of remission of duties and taxes on exported products (RoDTEP) and rebate of state and central taxes and levies (RoSCTL) beyond 31st March 2026, enhancement of value cap for duty drawback, RoDTEP and RoSCTL and increase in RoDTEP rates by 2% to 3%.
The representatives also urged for focus market incentive schemes’ re-introduction, extension of 20% of the FOB value for all the exports made to the US, effective from 27th August 2025 in the form of transferrable duty credit scrip, extension of 5% benefit for all exports categories without cap, re-introduction of interest equalisation scheme for pre- and post-shipment rupee export credit.
One of the export promotion council heads who was part of the meeting said that the Government is now seriously considering a package for textile and apparel exporters and an announcement regarding the same for the industry might soon come up.
