Chemical, textile exporters likely to get some relief

CUSHIONING THE BLOW

- FE BUREAU

THE GOVERNMENT ON Thursday held a meeting with the representatives of the textiles and chemicals industry, the sectors that will be the worst hit by the 50% tariffs by the US, and discussed strategies to cushion the blow through incentives and market diversification.

One of the proposals discussed at the meeting was to prioritise support to these sectors along with others that are facing a big dent in exports to the US under the Export Promotion Mission (EPM).

"The government is looking at extending support measures under this mission to sectors which would be badly hit by the US tariffs," sources said.

In the meeting convened by the commerce ministry, the exporters also sought return of the Interest Equalisation Scheme (IES) that ended on December 31, 2024. The scheme used to provide a 3% subsidy on per and post shipment credit. Other demands were extension of RoDTEP scheme (Remission of Duties and Taxes on Exported Products), ROSCTL (Rebate of State and Central Taxes and Levies) for further five years, timely payment of dues.