After witnessing a giant contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) in the export sector has decided to 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 in order to supply relief to the export segment. This move is going to 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 also been simplified to help MSME exporters prune high transaction costs.
Measures like quick settlement of duty credit scrips to be issued ahead belonging to 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, federal government has also extended a provision cut down export obligations depending on the decline in exports.
Export incentives for things like technical textiles, stapling machine and handmade carpets seemed to be provided as part of the recently announced export stimulus package.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme an additional incentive yard help the Online MSME Registration Form in India export segment tide over the continued 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 such things technical textiles, stapling machine and handmade carpets seemed to be provided during their recently announced export package deal.