Facts for Prelims (FFP)
Source: Business Standard
Context: The Indian government has announced the extension of export benefits under the Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) for an additional year, until June 2024.
- The RoDTEP scheme provides exporters with refunds for taxes, duties, and levies incurred during the manufacturing and distribution of goods, which are not reimbursed through other mechanisms at the central, state, or local levels.
- This move is expected to assist the exporting community in negotiating international export contracts under the current global economic conditions.
The RoDTEP scheme replaced the Merchandise Exports from India Scheme (MEIS), which concluded the previous year.
Tags: GS3, Economy, RoDTEP scheme
