After witnessing a large contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) the actual export sector will soon 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 gonna benefit the employment-intensive export sectors such as leather, gems & jewelery and textiles.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty are simplified to help MSME exporters prune high transaction offers.
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 promote.
Online SSI Registration in India order encourage trade facilitation, the government has also extended a provision to relieve export obligations by the decline in exports.
Export incentives for things like technical textiles, stapling machine and handmade carpets were also provided contained in the recently announced export stimulus package.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme is another incentive that help the MSME export segment tide over the continuing crisis.
In order to promote trade facilitation, the government has also extended a provision reduce export obligations in line with decrease in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets were also provided as part of the recently announced export stimulus package.