After witnessing a huge contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) in the export sector will receive much needed relief.
In an attempt 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 likely to benefit the employment-intensive export sectors with regard to example leather, gems & jewelery and materials.
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 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 advertise trade facilitation, brand new has also extended a provision to reduce export obligations using the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets are also provided included in the recently announced export package deal.
The de-linking of grant of benefit under the obligation 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 in line with the decline Online Udyog Aadhar Certificate In India exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets are also provided as part of the recently announced export stimulus package.