After witnessing a definite contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) within export sector will quickly 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 to relief to the export segment. This move is certainly going to benefit the employment-intensive export sectors while leather, gems & jewelery and fabrics.
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 expenditure.
Measures like quick settlement of duty credit scrips become issued ahead of the realization of export proceeds and extension of scrips for import of even restricted items after payment of duty is expected to facilitate greater switch.
Udyog Aadhar Registration in India order to promote trade facilitation, brand new has also extended a provision minimize export obligations in line with the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets are also provided included in the recently announced export package deal.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme 1 other incentive yard help the MSME export segment tide over the crisis.
In order to promote trade facilitation, the government has also extended a provision limit export obligations in line with professional compensation in exports.
Export incentives for models like technical textiles, stapling machine and handmade carpets have been provided within the recently announced export package deal.