After witnessing a great contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) within 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 give relief to the export segment. This move is likely to benefit the employment-intensive export sectors for instance leather, gems & jewelery and textiles.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty have been simplified to help MSME exporters prune high transaction price.
Measures like quick settlement of duty credit scrips for you to become 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 switch.
In order market trade facilitation, brand new 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 seemed to be provided included in the recently announced export package deal.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme is another incentive that would help the MSME Registration Process in India export segment tide over the continued crisis.
In order to promote trade facilitation, the government has also extended a provision to cut back export obligations in line with the decline in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets were also provided within the recently announced export stimulus package.