After witnessing a large contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) in the export sector will quickly receive much needed relief.
In an effort to 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 since leather, gems & jewelery and materials.
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 price.
Measures like quick settlement of duty credit scrips 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 switch.
In order to promote trade facilitation, brand new has also extended a provision cut down export obligations by the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets seemed to be provided included in the recently announced export stimulus package.
The de-linking of grant of benefit under the work 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 Udyog Aadhar Application Online in India exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets were also provided in the recently announced export stimulus package.