After witnessing a huge contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) in the export sector will quickly receive much needed relief.
In 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 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 expenditure.
Measures like quick settlement of duty credit scrips turn out to be issued ahead of 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 minimize export obligations depending on the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets are also provided contained in the recently announced export stimulus package.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme is another incentive yard help the MSME Udyog Aadhar Registration in India 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 the decline in exports.
Export incentives for models like technical textiles, stapling machine and handmade carpets have been provided as part of the recently announced export package deal.