After witnessing a large contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) the actual export sector has decided to 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 since leather, gems & jewelery and fabrics.
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 expenditure.
Measures like quick settlement of duty credit scrips turn out to be 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 encourage trade facilitation, the government has also extended a provision to scale back export obligations in line with the decline in exports.
Export incentives for things like technical textiles, stapling machine and handmade carpets are also provided contained in the recently announced export package deal.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme an additional incentive that would help the MSME export segment tide over the continued crisis.
In order to promote trade facilitation, the government has also extended a provision to cut back export obligations in line with professional compensation Udyog Aadhaar Registration Online in India exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets are also provided within the recently announced export package deal.