After witnessing a huge contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) within export sector will quickly 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 to provide relief to the export segment. This move is certainly going to benefit the employment-intensive export sectors such as leather, gems & jewelery and textiles.
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 costs.
Measures like quick settlement of duty credit scrips become 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, the government has also extended a provision to reduce export obligations dependant upon the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets are also provided as part of the recently announced export package deal.
The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme one more incentive that help the MSME Udyog Aadhar Registration in India export segment tide over the crisis.
In order to promote trade facilitation, the government has also extended a provision limit export obligations in line with the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets seemed to be provided within the recently announced export package deal.