After witnessing a huge contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) in the export sector will 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 gonna 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 already been simplified to help MSME exporters prune high transaction expenditure.
Measures like quick settlement of duty credit scrips become 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 switch.
In order market trade facilitation, federal government has also extended a provision minimize export obligations in line with the decline in exports.
Export incentives for things like technical textiles, stapling machine and handmade carpets seemed to be provided contained in the recently announced export stimulus package.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme 1 other incentive that may help the MSME Udyog Aadhaar Registration in India export segment tide over the ongoing crisis.
In order to promote trade facilitation, the government has also extended a provision limit export obligations in line with the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have been provided contained in the recently announced export package deal.