After witnessing a definite contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) within export sector has decided to 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 to relief to the export segment. This move is likely to benefit the employment-intensive export sectors while leather, gems & jewelery and sheets.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty are simplified to help MSME exporters prune high transaction offers.
Measures like quick settlement of duty credit scrips to be issued ahead on the 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 advertise trade facilitation, brand new has also extended a provision minimize export obligations in line with the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets are also provided contained in the recently announced export package deal.
The de-linking of grant of benefit under the position 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 reduce export obligations in line with professional compensation Udyog Aadhaar Registration in India exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets have also been provided in the recently announced export stimulus package.