After witnessing a great contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) within export sector will soon 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 gonna 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 are simplified to help MSME Registration Process in India exporters prune high transaction price.
Measures like quick settlement of duty credit scrips to be able to 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 switch.
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 items like technical textiles, stapling machine and handmade carpets have been provided within the recently announced export package deal.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme an additional incentive yard help the MSME export segment tide over the ongoing crisis.
In order to promote trade facilitation, the government has also extended a provision cut down export obligations in line with the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets have also been provided contained in the recently announced export stimulus package.