After witnessing a great contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) in the export sector will soon receive much needed relief.
In an make an effort to reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore to relief to the export segment. This move is likely to benefit the employment-intensive export sectors for instance leather, gems & jewelery and fabrics.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty have been simplified to help MSME exporters prune high transaction offers.
Measures like quick settlement of duty credit scrips to be issued ahead on the realization of export proceeds and extension of scrips for import of even restricted items after payment of duty is expected to facilitate greater promote.
In order market trade facilitation, federal government has also extended a provision to relieve export obligations in line with the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets have been provided within the recently announced export stimulus package.
The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme an additional incentive that help the MSME export segment tide over the continued crisis.
In order to promote trade facilitation, the government has also extended a provision limit export obligations in line with professional compensation Udyog Aadhaar Registration Online in India exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets seemed to be provided during their recently announced export package deal.