After witnessing a large contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector will soon 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 provide relief to the export segment. This move is certainly going to benefit the employment-intensive export sectors for instance leather, gems & jewelery and materials.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty also been simplified to help Udyog Aadhaar MSME Registration in India exporters prune high transaction service fees.
Measures like quick settlement of duty credit scrips for you to become 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 exchange strikes.
In order to promote trade facilitation, the government has also extended a provision to scale back export obligations dependant upon the decline in exports.
Export incentives for things like technical textiles, stapling machine and handmade carpets have also been provided included in the recently announced export stimulus package.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme an additional incentive a good-looking lawn help the MSME export segment tide over the continuing 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 items like technical textiles, stapling machine and handmade carpets seemed to be provided in the recently announced export stimulus package.