After witnessing a huge contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) the actual export sector will soon 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 give relief to the export segment. This move is likely to benefit the employment-intensive export sectors for instance leather, gems & jewelery and linens.
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 offers.
Measures like quick settlement of duty credit scrips for you to become issued ahead of this realization of export proceeds and extension of scrips for import of even restricted items after payment of duty is expected to facilitate greater switch.
In order market trade facilitation, brand Udyog Aadhaar Registration Form Online new 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 were also provided during the recently announced export stimulus package.
The de-linking of grant of benefit under the obligation entitlement pass book (DEPB) scheme an additional incentive that would help the MSME export segment tide over the continuing crisis.
In order to promote trade facilitation, the government has also extended a provision to reduce export obligations in line with professional compensation in exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets have also been provided as part of the recently announced export stimulus package.