After witnessing a huge contraction in export orders for recent years 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 going to benefit the employment-intensive export sectors since leather, gems & jewelery and linens.
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 offers.
Measures like quick settlement of duty credit scrips turn out to be 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 exchange strikes.
In order market trade facilitation, federal government has also extended a provision to scale back export obligations dependant upon the decline Online SSI Registration in India exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets have been provided as part of 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 may help the MSME export segment tide over the crisis.
In order to promote trade facilitation, the government has also extended a provision cut down export obligations in line with the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets are also provided contained in the recently announced export stimulus package.