After witnessing a huge contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) in the export sector will quickly receive much needed relief.
In an make an effort 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 likely to benefit the employment-intensive export sectors for instance 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 Registration Process in India exporters prune high transaction expenditure.
Measures like quick settlement of duty credit scrips to be issued ahead of this 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 market trade facilitation, federal government has also extended a provision minimize export obligations by the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets are also provided within the recently announced export stimulus package.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme an additional incentive a good-looking lawn help the MSME export segment tide over the continued crisis.
In order to promote trade facilitation, the government has also extended a provision cut down export obligations in line with professional compensation in exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets are also provided as part of the recently announced export stimulus package.