After witnessing a giant contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) in the export sector will soon 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 produce relief to the export segment. This move is likely to benefit the employment-intensive export sectors since leather, gems & jewelery and linens.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty happen to simplified to help MSME Registration Process in India exporters prune high transaction offers.
Measures like quick settlement of duty credit scrips to be issued ahead of 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 relieve export obligations depending on the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets have been provided during the recently announced export package deal.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme extra incentive a good-looking lawn help the MSME export segment tide over the ongoing crisis.
In order to promote trade facilitation, the government has also extended a provision to cut back export obligations in line with the decline in exports.
Export incentives for models like technical textiles, stapling machine and handmade carpets have also been provided as part of the recently announced export package deal.