The Centre on Thursday announced that it is releasing Rs 56,027 crore against pending tax refunds of exporters under several export incentive schemes.
The commerce ministry, in a statement, informed that the amount would be disbursed to over 45,000 exporters.
It added that Rs 56,027 crore is being released under numerous export promotion schemes, of which 98% are small exporters in the MSME category.
Union Commerce Minister Piyush Goyal said the amount will be disbursed this year only.
The figure is over and above duty remission of Rs 12,454 crore for the Remission of Duties and Taxes on Export Products (RoDTEP) Scheme and Rs 6,946 crore for Rebate of State and Central Levies and Taxes (RoSCTL) Scheme already announced.
Benefits would help sectors to maintain cash flows and meet export demand in the international market, Goyal said.
This support by the government would have a multiplier effect and spur employment generation in the economy.
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