After witnessing a large contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) in the export sector will receive much needed relief.
In an attempt to reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore in order to supply relief to the export segment. This move is certainly going to benefit the employment-intensive export sectors while leather, gems & jewelery and textiles.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty are simplified to help MSME exporters prune high transaction offers.
Measures like quick settlement of duty credit scrips to be able to issued ahead belonging to the realization of export proceeds and extension of scrips for import of even restricted items after payment of duty is expected to facilitate greater position.
In order to advertise trade facilitation, federal government has also extended a provision to relieve export obligations by the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets were also provided within the recently announced export stimulus package.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme an additional incentive that help the MSME export segment tide over the continuing crisis.
In order to promote trade facilitation, the government has also extended a provision reduce export obligations in line with the decline Udyog Aadhar Registration in India exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets were also provided in the recently announced export stimulus package.