After witnessing a giant 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 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 gonna benefit the employment-intensive export sectors while leather, gems & jewelery and textiles.
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 price.
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 exchange strikes.
In order encourage trade facilitation, brand new has also extended a provision to relieve export obligations by the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets were also provided as part of the recently announced export stimulus package.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme extra incentive that help the MSME export segment tide over the continuing crisis.
Udyog Aadhaar Registration Online in India order to promote trade facilitation, the government has also extended a provision reduce export obligations in line with decrease in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets seemed to be provided as part of the recently announced export package deal.