After witnessing a definite contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) the actual 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 certainly going to benefit the employment-intensive export sectors since 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 offers.
Measures like quick settlement of duty credit scrips turn out to be 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 encourage trade facilitation, federal government has also extended a provision to reduce export obligations in line with the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets seemed to be provided within the recently announced export stimulus package.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme is another incentive yard 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 Udyog Aadhaar Registration Online in India line with professional compensation in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets seemed to be provided contained in the recently announced export package deal.