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 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 sheets.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty already been simplified to help MSME Registration Online in India exporters prune high transaction costs.
Measures like quick settlement of duty credit scrips to be able to 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 promote.
In order to advertise trade facilitation, the government has also extended a provision to relieve export obligations by the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets were also provided as part of the recently announced export package deal.
The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme extra incentive that would help the MSME export segment tide over the ongoing crisis.
In order to promote trade facilitation, the government has also extended a provision limit export obligations in line with the decline in exports.
Export incentives for models like technical textiles, stapling machine and handmade carpets were also provided during their recently announced export stimulus package.