After witnessing a huge contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector will quickly receive much needed relief.
In an strive to 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 required to benefit the employment-intensive export sectors since 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 costs.
Measures like quick settlement of duty credit scrips 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 encourage trade facilitation, federal government has also extended a provision to scale back export obligations in line with 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 package deal.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme 1 other incentive that would help the MSME export segment tide over the continued crisis.
In order to promote trade facilitation, the government has also extended a provision limit export obligations SSI Online Registration Form in India line with professional compensation in exports.
Export incentives for models like technical textiles, stapling machine and handmade carpets are also provided during their recently announced export stimulus package.