After witnessing a large contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector will quickly receive much needed relief.
In an attempt 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 likely to benefit the employment-intensive export sectors for instance 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 Udyog Aadhar Registration in India exporters prune high transaction service fees.
Measures like quick settlement of duty credit scrips to be able to 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 to advertise trade facilitation, federal government has also extended a provision to scale back export obligations using the decline in exports.
Export incentives for things 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 work entitlement pass book (DEPB) scheme an additional incentive that would help the MSME export segment tide over the continuing crisis.
In order to promote trade facilitation, the government has also extended a provision cut down export obligations in line with decrease in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets have been provided contained in the recently announced export package deal.