After witnessing a large contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) the actual 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 in order to supply relief to the export segment. This move is required 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 are 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 position.
In order market trade facilitation, federal government has also extended a provision to scale back export obligations depending on the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets have also been provided as part of the recently announced export package deal.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme one more incentive that help the MSME export segment tide over the crisis.
Udyog Aadhaar Registration Online in India order to promote trade facilitation, the government has also extended a provision to cut back export obligations in line with professional compensation in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have also been provided during their recently announced export stimulus package.