After witnessing a huge contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) within export sector has decided to receive much needed relief.
In an attempt 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 gonna benefit the employment-intensive export sectors for instance leather, gems & jewelery and textiles.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty also been simplified to help MSME exporters prune high transaction expenditure.
Measures like quick settlement of duty credit scrips for you to become issued ahead on the realization of export proceeds and extension of scrips for import of even restricted items after payment of duty is expected to facilitate greater position.
In order encourage trade facilitation, brand new has also extended a provision to relieve export obligations dependant upon the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets have been provided contained Udyog Aadhaar Registration in India the recently announced export package deal.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme extra incentive yard help the MSME export segment tide over the continuing crisis.
In order to promote trade facilitation, the government has also extended a provision reduce export obligations in line with professional compensation in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets were also provided as part of the recently announced export stimulus package.