After witnessing a great contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) in the export sector has decided to 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 to provide relief to the export segment. This move is certainly going to 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 happen to simplified to help MSME exporters prune high transaction expenditure.
Measures like quick settlement of duty credit scrips to be able to 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 exchange strikes.
In order to promote trade facilitation, the government has also extended a provision to scale back export obligations by the decline in exports.
Export incentives for things like technical textiles, stapling machine and handmade carpets were also provided included in the recently announced export package deal.
The de-linking of grant of benefit under the obligation entitlement pass book (DEPB) scheme extra 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 to reduce export obligations Aadhar Udyog Registration Online in India line with professional compensation in exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets have also been provided in the recently announced export stimulus package.