After witnessing a huge contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) within 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 give relief to the export segment. This move is likely to benefit the employment-intensive export sectors since leather, gems & jewelery and materials.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty have been simplified to help MSME exporters prune high transaction offers.
Measures like quick settlement of duty credit scrips become 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 position.
In order to promote trade facilitation, federal government has also extended a provision minimize export obligations dependant upon the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets have also been provided contained in the recently announced export stimulus package.
The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme extra incentive a good-looking lawn help the MSME export segment tide over the continued crisis.
eUdyog Aadhar Registration in India order to promote trade facilitation, the government has also extended a provision reduce export obligations in line with decrease in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets were also provided during their recently announced export stimulus package.