After witnessing a giant contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) within 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 gonna benefit the employment-intensive export sectors such as leather, gems & jewelery and textiles.
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 expenditure.
Measures like quick settlement of duty credit scrips turn out to be 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 trade.
In order market trade facilitation, brand new has also extended a provision cut down export obligations depending on the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have also been provided included in the recently announced export package deal.
The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme extra incentive that help the MSME export segment tide over the continued crisis.
In order to promote trade facilitation, the government has also extended a provision reduce export obligations in line with professional compensation SSI Registration Certificate Online in India exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets are also provided within the recently announced export stimulus package.