After witnessing a giant contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) the actual export sector has decided to 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 to relief to the export segment. This move is going to benefit the employment-intensive export sectors for instance leather, gems & jewelery and sheets.
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 costs.
Measures like quick settlement of duty credit scrips to be able to 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 exchange strikes.
In order encourage trade facilitation, the government has also extended a provision to reduce export obligations depending on the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets have also been provided contained in the recently announced export stimulus package.
The de-linking of grant of benefit under the obligation entitlement pass book (DEPB) scheme is another incentive a good-looking lawn help the MSME export segment tide over the crisis.
In order to promote trade facilitation, the government has also extended a provision limit export obligations Udyog Aadhaar Registration in India line with decrease in exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets seemed to be provided within the recently announced export stimulus package.