After witnessing a great contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector will 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 give relief to the export segment. This move is going to benefit the employment-intensive export sectors since leather, gems & jewelery and materials.
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 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 trade.
In order to promote trade facilitation, the government has also extended a provision to scale back export obligations depending on the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets were also provided included in the recently announced export package deal.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme one more incentive a good-looking lawn help the MSME export segment tide over the continuing crisis.
Online Udyog Aadhar Certificate In India order to promote trade facilitation, the government has also extended a provision to cut back export obligations in line with decrease in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets were also provided during their recently announced export package deal.