After witnessing a definite contraction in export orders for the past few 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 in order to supply relief to the export segment. This move is 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 already been simplified to help MSME exporters prune high transaction service fees.
Measures like quick settlement of duty credit scrips to be able to issued ahead of the realization of export proceeds and extension of scrips for import of even restricted items after payment of duty is expected to facilitate greater promote.
In order encourage trade facilitation, federal government has also extended a provision cut down export obligations by the decline in exports.
Export incentives for such things technical textiles, Udyog Aadhaar Registration Form Online stapling machine and handmade carpets were also provided within the recently announced export stimulus package.
The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme extra incentive that would help the MSME export segment tide over the continuing crisis.
In order to promote trade facilitation, the government has also extended a provision reduce export obligations in line with the decline in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets were also provided as part of the recently announced export package deal.