After witnessing a definite contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) the actual export sector has decided to receive much needed relief.
In an attempt 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 gonna benefit the employment-intensive export sectors for instance 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 expenditure.
Measures like quick settlement of duty credit scrips 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 switch.
In order to promote trade facilitation, the government has also extended a provision to relieve export obligations dependant upon the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets were also provided included in the recently announced export package deal.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme one more incentive a good-looking lawn help the MSME Registration Benefits in India export segment tide over the crisis.
In order to promote trade facilitation, the government has also extended a provision cut down export obligations in line with the decline in exports.
Export incentives for models like technical textiles, stapling machine and handmade carpets have been provided contained in the recently announced export package deal.