After witnessing a great contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) ultimately 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 in order to supply relief to the export segment. This move is required to benefit the employment-intensive export sectors such as leather, gems & jewelery and Udyog Aadhaar Registration Form Online textiles.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty happen to simplified to help MSME exporters prune high transaction service fees.
Measures like quick settlement of duty credit scrips to be 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 promote.
In order market trade facilitation, federal government has also extended a provision minimize export obligations by the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets seemed to be provided within the recently announced export package deal.
The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme one more 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 cut down export obligations in line with decrease in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have been provided during their recently announced export stimulus package.