After witnessing a huge contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector has decided to 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 gonna benefit the employment-intensive export sectors since leather, gems & jewelery and textiles.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty are simplified to help MSME exporters prune high transaction offers.
Measures like quick settlement of duty credit scrips turn out to be 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 trade.
In order market trade facilitation, federal government has also extended a provision cut down export obligations using 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 work entitlement pass book (DEPB) scheme 1 other incentive that may help the MSME export segment tide over the ongoing crisis.
In order to promote trade facilitation, the government has also extended a provision to cut back export obligations in line with decrease SSI Online Application in India exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets are also provided in the recently announced export stimulus package.