After witnessing a definite contraction in export orders for the past few 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 produce relief to the export segment. This move is required to benefit the employment-intensive export sectors with regard to example leather, gems & jewelery and fabrics.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty also been simplified to help MSME Udyog Aadhaar Registration in India exporters prune high transaction expenditure.
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 promote.
In order encourage trade facilitation, the government has also extended a provision to scale back export obligations depending on the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets have also been provided as part of the recently announced export package deal.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme one more incentive that may 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 the decline in exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets were also provided during their recently announced export package deal.