After witnessing a giant contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) in the export sector will quickly receive much needed relief.
In an effort to 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 materials.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty already been simplified to help MSME exporters prune high transaction service fees.
Measures like quick settlement of duty credit scrips turn out to be issued ahead of this realization of export proceeds and extension of scrips for import of even restricted items after payment of duty is expected to facilitate greater position.
In order market trade facilitation, the government has also extended a provision to scale back export obligations depending on the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets have been provided within the recently announced export stimulus package.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme is another incentive that help the MSME export segment tide over the crisis.
Online Udyog Aadhar Registration in India order to promote trade facilitation, the government has also extended a provision limit export obligations in line with professional compensation in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets are also provided within the recently announced export package deal.