After witnessing a large 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 attempt reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore in order to supply relief to the export segment. This move is required to benefit the employment-intensive export sectors since leather, gems & jewelery and fabrics.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty already been simplified to help MSME exporters prune high transaction offers.
Measures like quick settlement of duty credit scrips become issued ahead belonging to 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 to promote trade facilitation, the government has also extended a provision to relieve export obligations in line with the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets are also provided during the recently announced export stimulus package.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme one more incentive that may help the MSME export segment tide over the continued crisis.
In order to promote trade facilitation, the government has also extended a provision to cut back export obligations in line with the decline Aadhar Udyog Registration in India exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have been provided within the recently announced export stimulus package.