After witnessing a giant contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) within export sector will 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 required to benefit the employment-intensive export sectors since leather, gems & jewelery and fabrics.
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 price.
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 promote.
In order to promote trade facilitation, the government has also extended a provision to scale back export obligations in line with the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets seemed to be provided within the recently announced export stimulus package.
The de-linking of grant of benefit under the obligation entitlement pass book (DEPB) scheme extra incentive a good-looking lawn help the MSME Registration Benefits in India export segment tide over the continued 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 are also provided as part of the recently announced export package deal.