After witnessing a giant contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) ultimately 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 in order to supply relief to the export segment. This move is required to benefit the employment-intensive export sectors while leather, gems & jewelery and linens.
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 price.
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 trade.
In order to promote trade facilitation, brand new has also extended a provision to scale back export obligations in line with the decline in exports.
Export incentives for such things 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 position entitlement pass book (DEPB) scheme one more incentive that would help the MSME export segment tide over the crisis.
In order to promote trade facilitation, the government has also extended a provision to reduce export obligations in line with the decline in exports.
Export incentives for models like technical textiles, stapling machine and handmade carpets were also provided Udyog Aadhaar Registration in India the recently announced export package deal.