After witnessing a definite contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) in the export sector will 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 in order to supply relief to the export segment. This move is gonna benefit the employment-intensive export sectors while leather, gems & jewelery and fabrics.
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 price.
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 promote.
In order market trade facilitation, brand Udyog Aadhar Registration Online new has also extended a provision cut down export obligations dependant upon the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have also been provided contained in the recently announced export stimulus package.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme 1 other incentive that would help the MSME export segment tide over the crisis.
In order to promote trade facilitation, the government has also extended a provision limit export obligations in line with the decline in exports.
Export incentives for models like technical textiles, stapling machine and handmade carpets have been provided within the recently announced export package deal.