After witnessing a definite 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 produce relief to the export segment. This move is likely to benefit the employment-intensive export sectors for instance leather, gems & jewelery and sheets.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty also been simplified to help MSME exporters prune high transaction expenditure.
Measures like quick settlement of duty credit scrips to be able to 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 promote.
In order to advertise trade facilitation, brand new has also extended a provision to reduce export obligations using the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets were also provided included Online Udyog Aadhar Registration in India the recently announced export stimulus package.
The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme extra incentive that help the MSME export segment tide over the continuing crisis.
In order to promote trade facilitation, the government has also extended a provision limit export obligations in line with the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets were also provided as part of the recently announced export package deal.