After witnessing a huge contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) in the 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 give relief to the export segment. This move is gonna benefit the employment-intensive export sectors since leather, gems & jewelery and textiles.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty happen to simplified to help MSME exporters prune high transaction expenditure.
Measures like quick settlement of duty credit scrips become 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 position.
In order encourage trade facilitation, federal government has also extended a provision to relieve export obligations in line with the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets have also been provided included in the recently announced export package deal.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme an additional incentive that help the MSME export segment tide over the continued crisis.
In order to promote trade facilitation, the government has also extended a provision limit export obligations Online SSI Registration in India line with professional compensation in exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets seemed to be provided contained in the recently announced export stimulus package.