After witnessing a huge contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) within export sector will 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 relief to the export segment. This move is gonna benefit the employment-intensive export sectors such as 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 price.
Measures like quick settlement of duty credit scrips turn out to be issued ahead of this 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 market trade facilitation, the government has also extended a provision cut down export obligations using the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have been provided included in the recently announced export stimulus package.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme extra incentive that would help the MSME Registration Benefits in India export segment tide over the continuing crisis.
In order to promote trade facilitation, the government has also extended a provision limit export obligations in line with decrease in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have also been provided in the recently announced export package deal.