After witnessing a large contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) within export sector will quickly 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 produce relief to the export segment. This move is going to benefit the employment-intensive export sectors with regard to example leather, gems & jewelery and textiles.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty also been simplified to help MSME exporters prune high transaction costs.
Measures like quick settlement of duty credit scrips to be issued ahead on the 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 to promote trade facilitation, federal government has also extended a provision to relieve export obligations using the decline Aadhar Udyog Registration in India exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets have been provided as part of the recently announced export stimulus package.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme 1 other 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 decrease in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets were also provided within the recently announced export stimulus package.