After witnessing a huge contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector will receive much needed relief.
In an effort 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 going to benefit the employment-intensive export sectors such as leather, gems & jewelery and fabrics.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty are simplified to help MSME exporters prune high transaction expenditure.
Measures like quick settlement of duty credit scrips for you to become 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 to promote trade facilitation, the government has also extended a provision minimize export obligations using the decline in exports.
Export incentives for things like technical textiles, stapling machine and handmade carpets are also provided as part of the recently announced export stimulus package.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme one more incentive that would help the MSME Registration Process in India export segment tide over the crisis.
In order to promote trade facilitation, the government has also extended a provision to cut back export obligations in line with decrease in exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets were also provided as part of the recently announced export stimulus package.