After witnessing a great contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) in the 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 to relief to the export segment. This move is likely to benefit the employment-intensive export sectors while 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 Udyog Aadhaar Registration in India exporters prune high transaction offers.
Measures like quick settlement of duty credit scrips turn out to be issued ahead of 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, the government has also extended a provision to reduce export obligations using the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets have also been provided during the recently announced export stimulus package.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme 1 other 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 cut down export obligations in line with decrease in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets have been provided in the recently announced export stimulus package.