After witnessing a huge contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) in the export sector will soon 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 such as leather, gems & jewelery and linens.
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 service fees.
Measures like quick settlement of duty credit scrips turn out to be issued ahead belonging to 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.
Udyog Aadhaar Registration in India order to advertise trade facilitation, federal government has also extended a provision to scale back export obligations using the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets have also been provided contained in the recently announced export stimulus package.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme 1 other incentive that may help the MSME export segment tide over the crisis.
In order to promote trade facilitation, the government has also extended a provision to cut back export obligations in line with decrease in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets have also been provided in the recently announced export stimulus package.