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What is the news?
After delaying by 8 months, the Government has notified the rules and rates under Remission of Duties and Taxes on Exported Products (RoDTEP) scheme. Based on these, exporters can claim rebates on the taxes paid on their exported items.
| Must read: RoDTEP scheme |
Current scenario
- India is looking to sign free trade pact negotiations with Australia, the UK, the EU, and the U.S. after opting out of RCEP.
- The global economy is on the verge of one of its strongest rebounds after increased rates of COVID vaccination all around the world.
- Many advanced economies are looking beyond the China to fulfill the rising consumer demand in domestic economy, and thus India needs to aggressively step up to the opportunity.
Way forward
Due to weak domestic demand, the private investment by companies is unlikely to increase. Hence, in present conditions, only the public investment along with exports can act as a growth engine to aid India’s economic recovery.
Thus, an export policy push is the need of the hour.
Terms to know:
