After witnessing a definite contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) within export sector has decided to receive much needed relief.
In an strive 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 likely to benefit the employment-intensive export sectors since leather, gems & jewelery and textiles.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty have been simplified to help MSME exporters prune high transaction offers.
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 position.
In order encourage trade facilitation, federal government has also extended a provision cut down export obligations by the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets have been provided included SSI Certificate Online Registration in India the recently announced export package deal.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme one more 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 to reduce export obligations in line with professional compensation in exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets seemed to be provided contained in the recently announced export stimulus package.