After witnessing a giant contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) the actual 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 to relief to the export segment. This move is gonna benefit the employment-intensive export sectors while leather, gems & jewelery and materials.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty are simplified to help MSME exporters prune high transaction price.
Measures like quick settlement of duty credit scrips turn out to be issued ahead from 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 market trade facilitation, the government has also extended a provision cut down export obligations using the decline in exports.
Export incentives for things like technical textiles, stapling machine and handmade carpets have been provided included in the recently announced export stimulus package.
The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme extra incentive that help the MSME Registration in India Online export segment tide over the ongoing 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 models like technical textiles, stapling machine and handmade carpets have been provided within the recently announced export stimulus package.