After witnessing a huge contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) in the export sector will receive much needed relief.
In an attempt 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 required to benefit the employment-intensive export sectors for instance leather, gems & jewelery and sheets.
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 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 trade.
In order to promote trade facilitation, brand new has also extended a provision cut down export obligations by the decline in exports.
Export incentives for things like technical textiles, stapling machine and handmade carpets have been provided within the recently announced export package deal.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme 1 other incentive yard help the MSME Registration Certificate in India export segment tide over the crisis.
In order to promote trade facilitation, the government has also extended a provision to reduce export obligations in line with the decline in exports.
Export incentives for models like technical textiles, stapling machine and handmade carpets seemed to be provided during their recently announced export stimulus package.