After witnessing a huge contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) in the export sector will quickly receive much needed relief.
In an strive 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 going to benefit the employment-intensive export sectors such as 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 offers.
Measures like quick settlement of duty credit scrips to be able to 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 market trade facilitation, the government has also extended a provision to reduce export obligations depending on the decline Online SSI Registration in India exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets are also provided during the recently announced export package deal.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme one more incentive a good-looking lawn help the MSME export segment tide over the ongoing crisis.
In order to promote trade facilitation, the government has also extended a provision reduce export obligations in line with professional compensation in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have also been provided within the recently announced export package deal.