After witnessing a giant contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) within 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 going to benefit the employment-intensive export sectors for instance leather, gems & jewelery and 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 costs.
Measures like quick settlement of duty credit scrips turn out to be issued ahead belonging to the realization of export proceeds and extension of scrips for import of even restricted items after payment of duty is expected to facilitate greater position.
In order to advertise trade facilitation, federal government has also extended a provision to relieve export obligations using the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets have been provided included eUdyog Aadhar Registration in India the recently announced export package deal.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme one more incentive that may help the MSME export segment tide over the continuing 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 such things technical textiles, stapling machine and handmade carpets were also provided during their recently announced export package deal.
