After witnessing a great contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector will 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 provide relief to the export segment. This move is required to benefit the employment-intensive export sectors since leather, gems & jewelery and linens.
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 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 market trade facilitation, federal government has also extended a provision cut down export obligations by the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets have also been provided during the recently announced export package deal.
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 ongoing crisis.
In order to promote trade facilitation, the government has also extended a provision reduce export obligations Online SSI Registration in India line with the decline in exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets were also provided contained in the recently announced export package deal.