After witnessing a definite contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector will soon receive much needed relief.
In an attempt 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 gonna 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 already been simplified to help MSME exporters prune high transaction offers.
Measures like quick settlement of duty credit scrips to be issued ahead from 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 encourage trade facilitation, brand new has also extended a provision minimize export obligations dependant upon the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets have also been provided contained in the recently announced export package deal.
The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme extra incentive that may help the MSME Udyog Aadhar Registration in India export segment tide over the ongoing crisis.
In order to promote trade facilitation, the government has also extended a provision to reduce export obligations in line with the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets were also provided contained in the recently announced export package deal.