After witnessing a huge contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector has decided to 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 give relief to the export segment. This move is likely to benefit the employment-intensive export sectors with regard to example leather, gems & jewelery and sheets.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty are simplified to help MSME exporters prune high transaction costs.
Measures like quick settlement of duty credit scrips become issued ahead from the 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 to promote trade facilitation, the government has also extended a provision minimize export obligations using the decline SSI Online Registration in India exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets have been provided included in the recently announced export package deal.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme one more incentive that would help the MSME export segment tide over the ongoing crisis.
In order to promote trade facilitation, the government has also extended a provision limit export obligations in line with the decline in exports.
Export incentives for models like technical textiles, stapling machine and handmade carpets have also been provided in the recently announced export stimulus package.