After witnessing a large contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) in the export sector will receive much needed relief.
In an attempt 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 gonna 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 happen to simplified to help MSME exporters prune high transaction price.
Measures like quick settlement of duty credit scrips 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 exchange strikes.
In order to advertise trade facilitation, the government has also extended a provision to reduce export obligations dependant upon the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets are also provided during the recently announced export stimulus package.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme 1 other incentive yard 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 Udyog Aadhar Online Registration in India line with professional compensation in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets have been provided in the recently announced export package deal.