After witnessing a definite contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) within 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 produce relief to the export segment. This move is going to benefit the employment-intensive export sectors such as leather, gems & jewelery and linens.
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 offers.
Measures like quick settlement of duty credit scrips turn out to be issued ahead on 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 cut down export obligations using the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets were also provided contained in the recently announced export package deal.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme extra incentive a good-looking lawn help the MSME Registration Certificate in India 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 models like technical textiles, stapling machine and handmade carpets have also been provided contained in the recently announced export stimulus package.