After witnessing a giant contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) within export sector will soon 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 certainly going to benefit the employment-intensive export sectors with regard to example leather, gems & jewelery and sheets.
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 service fees.
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 trade.
In order to advertise trade facilitation, federal government has also extended a provision to reduce export obligations in line with the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have been provided included in the recently announced export stimulus package.
The de-linking of grant of benefit under the obligation entitlement pass book (DEPB) scheme 1 other incentive that may help the Udyog Aadhaar MSME Registration in India export segment tide over the continuing crisis.
In order to promote trade facilitation, the government has also extended a provision to reduce export obligations in line with decrease in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets are also provided contained in the recently announced export stimulus package.