After witnessing a definite contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) within export sector will receive much needed relief.
In an attempt 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 likely to benefit the employment-intensive export sectors such as leather, gems & jewelery and textiles.
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 service fees.
Measures like quick settlement of duty credit scrips become 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 to promote trade facilitation, federal government has also extended a provision cut down export obligations by the decline in exports.
Export incentives for things like technical textiles, stapling machine and handmade carpets were also provided within the recently announced export package deal.
The de-linking of grant of benefit under the obligation entitlement pass book (DEPB) scheme an additional incentive that help the MSME export segment tide over the continuing crisis.
In order to promote trade facilitation, the government has also extended a provision to reduce export obligations Online Udyog Aadhar Certificate In India line with decrease in exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets are also provided in the recently announced export package deal.