After witnessing a giant contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) in the export sector will soon 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 to provide relief to the export segment. This move is required to benefit the employment-intensive export sectors for instance leather, gems & jewelery and materials.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty are simplified to help MSME exporters prune high transaction offers.
Measures like quick settlement of duty credit scrips turn out 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 exchange strikes.
In order to advertise trade facilitation, the government has also extended a provision to relieve export obligations using the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets are also provided during the recently announced export package deal.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme is another incentive that help the MSME export segment tide over the ongoing crisis.
SSI Registration Certificate Online in India order to promote trade facilitation, the government has also extended a provision reduce export obligations in line with decrease in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets have also been provided contained in the recently announced export package deal.