After witnessing a large contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector will soon 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 to provide relief to the export segment. This move is gonna benefit the employment-intensive export sectors such as leather, gems & jewelery and sheets.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty have 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 on the 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 to promote trade facilitation, the government has also extended a provision to scale back export obligations depending on the decline in exports.
Export incentives for goods like 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 work entitlement pass book (DEPB) scheme one more incentive a good-looking lawn help the MSME export segment tide over the continued crisis.
In order to promote trade facilitation, the government has also extended a provision cut down export obligations in line with professional compensation Udyog Aadhaar Registration Online in India exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets have been provided during their recently announced export package deal.