After witnessing a large contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) within export sector will receive much needed relief.
In an attempt to reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore to relief to the export segment. This move is gonna benefit the employment-intensive export sectors such as leather, gems & jewelery and sheets.
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 price.
Measures like quick settlement of duty credit scrips to be issued ahead from 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, the government has also extended a provision to relieve export obligations dependant upon the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets were also provided within the recently announced export package deal.
The de-linking of grant of benefit under the obligation entitlement pass book (DEPB) scheme one more incentive that help the MSME Udyog Aadhaar Registration in India export segment tide over the crisis.
In order to promote trade facilitation, the government has also extended a provision reduce export obligations in line with decrease in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets have also been provided in the recently announced export stimulus package.