After witnessing a definite contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) the actual export sector will quickly receive much needed relief.
Udyog Aadhaar Registration Online in India an attempt to reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore give relief to the export segment. This move is gonna benefit the employment-intensive export sectors while leather, gems & jewelery and linens.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty happen to simplified to help MSME exporters prune high transaction expenditure.
Measures like quick settlement of duty credit scrips to be 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 encourage trade facilitation, federal 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 one more incentive that may help the MSME export segment tide over the continuing crisis.
In order to promote trade facilitation, the government has also extended a provision to cut back export obligations in line with the decline in exports.
Export incentives for models like technical textiles, stapling machine and handmade carpets have been provided as part of the recently announced export package deal.