After witnessing a great contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector will soon 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 relief to the export segment. This move is likely to benefit the employment-intensive export sectors for instance leather, gems & jewelery and fabrics.
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 to be issued ahead of this 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 advertise trade facilitation, the government has also extended a provision cut down export obligations by the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets are also provided as part of the recently announced export package deal.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme extra incentive that help the MSME Registration Fees in India export segment tide over the crisis.
In order to promote trade facilitation, the government has also extended a provision limit export obligations in line with decrease in exports.
Export incentives for models like technical textiles, stapling machine and handmade carpets have been provided in the recently announced export package deal.