After witnessing a giant contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) in the export sector will soon receive much needed relief.
In an make an effort 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 going 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 also been simplified to help MSME Registration Benefits in India exporters prune high transaction expenditure.
Measures like quick settlement of duty credit scrips turn out 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 trade.
In order encourage trade facilitation, federal government has also extended a provision cut down export obligations by the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have been provided contained in the recently announced export package deal.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme one more 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 to reduce export obligations in line with the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets are also provided contained in the recently announced export stimulus package.