After witnessing a large contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector will soon 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 in order to supply relief to the export segment. This move is going to benefit the employment-intensive export sectors such as leather, gems & jewelery and sheets.
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 for you to become issued ahead from 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 cut down export obligations using the decline in exports.
Export incentives for things like technical textiles, stapling machine and handmade carpets have also been provided as part of the recently announced export package deal.
The de-linking of grant of benefit under the obligation entitlement pass book (DEPB) scheme extra incentive that may help the MSME Udyog Aadhar Registration in India export segment tide over the continued crisis.
In order to promote trade facilitation, the government has also extended a provision limit export obligations in line with decrease in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have also been provided in the recently announced export package deal.