After witnessing a giant contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector will quickly 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 give relief to the export segment. This move is going to benefit the employment-intensive export sectors with regard to example leather, gems & jewelery and fabrics.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty are simplified to help MSME exporters prune high transaction price.
Measures like quick settlement of duty credit scrips turn out to be issued ahead on 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 market trade facilitation, the government has also extended a provision to reduce export obligations by the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets have also been provided within the recently announced export package deal.
The de-linking of grant of benefit under the obligation entitlement pass book (DEPB) scheme one more incentive that may help the MSME export segment tide over the continued crisis.
SSI Registration in India Online 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 stimulus package.