After witnessing a definite contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector will soon receive much needed relief.
In an attempt to reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore to relief to the export segment. This move is going to benefit the employment-intensive export sectors while leather, gems & jewelery and fabrics.
Under the new package, procedural formalities for Udyog Aadhar Registration Online claiming duty drawback refund and refund of terminal excise duty also been simplified to help MSME exporters prune high transaction price.
Measures like quick settlement of duty credit scrips for you to 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 advertise trade facilitation, brand new has also extended a provision to scale back export obligations dependant upon the decline in exports.
Export incentives for things like technical textiles, stapling machine and handmade carpets seemed to be provided contained in the recently announced export package deal.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme is another incentive that help the MSME export segment tide over the ongoing crisis.
In order to promote trade facilitation, the government has also extended a provision limit export obligations in line with professional compensation in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets were also provided within the recently announced export stimulus package.