After witnessing a great contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) within export sector will quickly 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 provide relief to the export segment. This move is required to benefit the employment-intensive export sectors since leather, gems & jewelery and materials.
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 expenditure.
Measures like quick settlement of duty credit scrips for you to become 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 trade.
In order market trade facilitation, the government has also extended a provision minimize export obligations dependant upon the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets have been provided during the recently announced export package deal.
The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme 1 other incentive that help the MSME Registration Process in India export segment tide over the crisis.
In order to promote trade facilitation, the government has also extended a provision limit export obligations in line with decrease in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets have also been provided as part of the recently announced export package deal.