After witnessing a giant 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 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 such as leather, gems & jewelery and fabrics.
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 expenditure.
Measures like quick settlement of duty credit scrips to be issued ahead of this realization of export proceeds and extension of scrips for import of even restricted items after payment of duty is expected to facilitate greater exchange strikes.
In order market trade facilitation, brand new has also extended a provision to relieve export obligations using the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets were also provided contained Udyog Aadhaar Registration Online in India the recently announced export package deal.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme an additional incentive that would help the MSME export segment tide over the continuing crisis.
In 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 been provided within the recently announced export stimulus package.