After witnessing a large contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) in the 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 to provide relief to the export segment. This move is gonna benefit the employment-intensive export sectors for instance leather, gems & jewelery and materials.
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 service fees.
Measures like quick settlement of duty credit scrips turn out to be 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 encourage trade facilitation, federal government has also extended a provision cut down export obligations dependant upon the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets were also provided as part of the recently announced export stimulus package.
The de-linking of grant of benefit under the obligation entitlement pass book (DEPB) scheme is another incentive that would help the MSME export segment tide over the crisis.
Udyog Aadhar Application Online in India 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 such things technical textiles, stapling machine and handmade carpets were also provided within the recently announced export package deal.