After witnessing a great contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) the actual export sector will quickly receive much needed relief.
In an strive 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 going to benefit the employment-intensive export sectors for instance leather, gems & jewelery and fabrics.
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 expenditure.
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 trade.
In order to promote trade facilitation, federal government has also extended a provision to scale back export obligations dependant upon the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets are 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 help the MSME export segment tide over the continued crisis.
Udyog Aadhar Online Registration 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 stuff like technical textiles, stapling machine and handmade carpets have been provided during their recently announced export package deal.