Duty exemption on apparel export extended till March 2024
In order to make Indian apparel competitive in the international market and encourage domestic industries, the government has decided to extend the existing export duty exemption on ready-made garments and apparels till March 2024.
The proposal to this effect was approved in the meeting of the Union Cabinet chaired by Prime Minister Narendra Modi here. According to this proposal, various duties imposed by the central and state governments on ready-made garments and apparel will be refunded to the export traders. This relaxation will make the Indian exporter competitive in the international market.
Information and Broadcasting Minister Anurag Thakur told reporters after the cabinet meeting that the government has approved the continuation of exemption of state and central taxes and duties on export of apparel and ready-made garments at the existing rates till March 31, 2024. This will help the exporters to make a stable and long-term policy. With this, Indian apparel is expected to be cheaper in the international market as compared to garments from other countries. He said that this decision of the government would encourage startups and entrepreneurs and create lakhs of jobs and boost economic development.
Shri Thakur said that the Union Ministry of Commerce and Industry will soon issue a notification regarding this decision of the Government.
