After witnessing a definite 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 make an effort to reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore produce relief to the export segment. This move is gonna 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 are simplified to help MSME exporters prune high transaction offers.
Measures like quick settlement of duty credit scrips turn out 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 promote.
In order to promote trade facilitation, brand new has also extended a provision to reduce export obligations by the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets seemed to be provided during the recently announced export package deal.
The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme an additional incentive that may help the MSME export segment tide over the ongoing crisis.
Online Udyog Aadhar Registration in India 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 stuff like technical textiles, stapling machine and handmade carpets have also been provided as part of the recently announced export stimulus package.