After witnessing a huge contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector has decided to 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 give relief to the export segment. This move is likely 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 Udyog Aadhaar MSME Registration in India exporters prune high transaction offers.
Measures like quick settlement of duty credit scrips 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 position.
In order to advertise trade facilitation, federal government has also extended a provision to scale back export obligations using the decline in exports.
Export incentives for things like technical textiles, stapling machine and handmade carpets are also provided contained in the recently announced export package deal.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme 1 other incentive that would help the MSME export segment tide over the ongoing crisis.
In order to promote trade facilitation, the government has also extended a provision cut down export obligations in line with decrease in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets have also been provided contained in the recently announced export stimulus package.