After witnessing a giant contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) in the export sector will quickly 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 such as leather, gems & jewelery and materials.
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 costs.
Measures like quick settlement of duty credit scrips to be able to 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 position.
In order to advertise trade facilitation, federal government has also extended a provision to scale back export obligations in line with the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets have also been provided as part of the recently announced export package deal.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme is another incentive that help the MSME export segment tide over the continuing crisis.
Udyog Aadhaar Registration Online in India order to promote trade facilitation, the government has also extended a provision to cut back export obligations in line with professional compensation in exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets seemed to be provided as part of the recently announced export stimulus package.