India expands RoDTEP export incentive scheme to steel and iron
The Indian Ministry of Commerce and Industry announced today that the government has expanded the Export Duty and Tax Reduction Scheme (RoDTEP) to include iron and steel effective December 15.
The scheme now includes chapter 73 clauses, which include iron and steel products such as pipes, pipes, sheet piles, angles and building materials for railways, which the ministry called "an important step in increasing exports."
The RoDTEP scheme, which offers reimbursement of central , state and local duties and taxes, applies to exports until September 30, 2023.
“This has been a long-standing industry demand…and will go a long way in increasing our exports and competitiveness in global markets, creating jobs and contributing to the economy as a whole,” the ministry said.
The inclusion of iron and steel products follows last month's removal of export duties on steel products. Indian steel exports are still weak despite the removal of the tax, reflecting a weakening international market and increased competition.
The RoDTEP scheme also includes chemical and pharmaceutical products.