After witnessing a definite contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) in the export sector has decided to receive much needed relief.
In an attempt 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 likely to benefit the employment-intensive export sectors for instance leather, gems & jewelery and sheets.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty also been simplified to help MSME exporters prune high transaction service fees.
Measures like quick settlement of duty credit scrips to be able to 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 trade.
In order market trade facilitation, brand new has also extended a provision to scale back export obligations using the decline Online Udyog Aadhar Certificate In India exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets were also provided included in the recently announced export stimulus package.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme one more 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 professional compensation in exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets seemed to be provided during their recently announced export stimulus package.