After witnessing a definite contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) in the export sector has decided to 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 in order to supply relief to the export segment. This move is gonna benefit the employment-intensive export sectors such as 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 exporters prune high transaction costs.
Measures like quick settlement of duty credit scrips to be able to 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 exchange strikes.
In order to advertise trade facilitation, the 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 also been provided during the recently announced export package deal.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme 1 other incentive that would help the MSME export segment tide over the continued crisis.
SSI Registration in India Online order to promote trade facilitation, the government has also extended a provision reduce export obligations in line with decrease in exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets seemed to be provided during their recently announced export package deal.