After witnessing a great contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) in the export sector will receive much needed relief.
In an make an effort to 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 gonna benefit the employment-intensive export sectors while leather, gems & jewelery and materials.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty also been simplified to help MSME exporters prune high transaction offers.
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 exchange strikes.
In order to promote trade facilitation, federal government has also extended a provision to relieve export obligations Udyog Aadhaar Registration Online in India line with the decline in exports.
Export incentives for things like technical textiles, stapling machine and handmade carpets were also provided as part of the recently announced export stimulus package.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme 1 other incentive that 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 models like technical textiles, stapling machine and handmade carpets are also provided within the recently announced export stimulus package.