After witnessing a definite contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) in the export sector has decided to receive much needed relief.
In an strive 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 going to benefit the employment-intensive export sectors such as leather, gems & jewelery and textiles.
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 service fees.
Measures like quick settlement of duty credit scrips turn out to be issued ahead of this 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, brand new has also extended a provision minimize export obligations dependant upon 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.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme extra 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 professional compensation in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets are also provided Aadhar Udyog Registration in India the recently announced export stimulus package.