After witnessing a definite contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) within export sector will quickly 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 in order to supply relief to the export segment. This move is required to benefit the employment-intensive export sectors since leather, gems & jewelery and linens.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty happen to simplified to help MSME Udyog Aadhaar Registration in India exporters prune high transaction costs.
Measures like quick settlement of duty credit scrips become issued ahead belonging to 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 to promote trade facilitation, the government has also extended a provision to relieve export obligations in line with 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 work entitlement pass book (DEPB) scheme one more incentive yard 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 as technical textiles, stapling machine and handmade carpets have also been provided in the recently announced export stimulus package.