After witnessing a definite contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) the actual export sector will 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 certainly going to benefit the employment-intensive export sectors with regard to example leather, gems & jewelery and linens.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty have been simplified to help MSME exporters prune high transaction price.
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 trade.
In order market trade facilitation, brand new has also extended a provision to scale back export obligations depending on the decline in exports.
Export incentives for things like technical textiles, stapling machine and handmade carpets have been provided during the recently announced export stimulus package.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme is another incentive that would help the MSME export segment tide over the crisis.
In order to promote trade facilitation, the government has also extended a provision limit export obligations in line with the decline SSI Registration in India Online exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets have also been provided in the recently announced export stimulus package.