After witnessing a huge contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) in the export sector will 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 to relief to the export segment. This move is gonna benefit the employment-intensive export sectors since leather, gems & jewelery and fabrics.
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 price.
Measures like quick settlement of duty credit scrips to be issued ahead of the 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 promote trade facilitation, the government has also extended a provision cut down export obligations using the decline in exports.
Export incentives for such things 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 obligation entitlement pass book (DEPB) scheme one more incentive a good-looking lawn help the MSME Registration in India Online export segment tide over the continuing crisis.
In order to promote trade facilitation, the government has also extended a provision to reduce export obligations in line with decrease in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets are also provided during their recently announced export package deal.