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 provide relief to the export segment. This move is likely to benefit the employment-intensive export sectors for instance leather, gems & jewelery and linens.
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 costs.
Measures like quick settlement of duty credit scrips to be able to 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 to advertise trade facilitation, brand new has also extended a provision to scale back export obligations depending on the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets have been provided contained in the recently announced export stimulus package.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme extra incentive that would help the Online MSME Registration Form in India export segment tide over the 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 items like technical textiles, stapling machine and handmade carpets are also provided during their recently announced export package deal.