The Center said Thursday it is releasing Rs 56,027 crore against pending tax refunds from exporters under several export incentive programs.

The Ministry of Commerce, in a statement, said the amount would be paid to more than 45,000 exporters.

He added that Rs 56,027 crore is released under numerous export promotion programs, 98% of which are small MSME category exporters.

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Union Trade Minister Piyush Goyal said the amount would only be released this year.

This figure is in addition to the duty remission of 12,454 crore rupees for the remission of duties and taxes on export products (RoDTEP) scheme and 6,946 crore rupees for the levies and taxes refund scheme. State and Central (RoSCTL) already announced.

The benefits would help sectors maintain cash flow and meet export demand in the international market, Goyal said.

This government support would have a multiplier effect and stimulate job creation in the economy.

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