After witnessing a large contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) the actual export sector will soon receive much needed relief.
In an strive to reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore give 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 also been simplified to help MSME exporters prune high transaction offers.
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 position.
In order market trade facilitation, federal government has also extended a provision minimize export obligations in line with the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have been provided included in the recently announced export package deal.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme extra incentive that help the MSME export segment tide over the continuing crisis.
In order to promote trade facilitation, the government has also extended a provision to cut back export obligations in line with decrease eUdyog Aadhar Registration in India exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets seemed to be provided within the recently announced export package deal.