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 quickly 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 required to benefit the employment-intensive export sectors such as leather, gems & jewelery and fabrics.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty already been simplified to help MSME exporters prune high transaction service fees.
Measures like quick settlement of duty credit scrips to be able to 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 position.
In order to promote trade facilitation, federal government has also extended a provision to reduce export obligations depending on the decline SSI Online Registration in India exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets were also provided during the recently announced export package deal.
The de-linking of grant of benefit under the obligation entitlement pass book (DEPB) scheme is another incentive that 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 in line with the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets are also provided in the recently announced export package deal.