After witnessing a large contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) in the export sector will receive much needed relief.
In an make an effort 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 while leather, gems & jewelery and linens.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty already been simplified to help MSME Udyog Aadhaar Registration in India exporters prune high transaction price.
Measures like quick settlement of duty credit scrips become issued ahead of the 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 new has also extended a provision cut down export obligations dependant upon the decline in exports.
Export incentives for things 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 duty entitlement pass book (DEPB) scheme is another incentive that may help the MSME export segment tide over the 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 such things technical textiles, stapling machine and handmade carpets seemed to be provided in the recently announced export stimulus package.