After witnessing a definite contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) in the export sector will soon 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 in order to supply relief to the export segment. This move is certainly going to benefit the employment-intensive export sectors while leather, gems & jewelery and textiles.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty have been simplified to help MSME exporters prune high transaction service fees.
Measures like quick settlement of duty credit scrips 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 promote.
In order to promote trade facilitation, federal government has also extended a provision to relieve export obligations dependant upon the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets seemed to be provided during 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 help the Udyog Aadhaar MSME Registration in India export segment tide over the ongoing crisis.
In order to promote trade facilitation, the government has also extended a provision cut down export obligations in line with professional compensation in exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets have been provided contained in the recently announced export package deal.