After witnessing a great contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) in the export sector will quickly 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 to provide relief to the export segment. This move is going to benefit the employment-intensive export sectors with regard to example 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 costs.
Measures like quick settlement of duty credit scrips 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.
Udyog Aadhar Registration in India order to promote trade facilitation, federal government has also extended a provision to relieve export obligations depending on the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets seemed to be provided contained in the recently announced export package deal.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme an additional incentive that help the MSME export segment tide over the continued crisis.
In order to promote trade facilitation, the government has also extended a provision cut down 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 within the recently announced export package deal.