After witnessing a giant contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) within export sector will soon receive much needed relief.
Online Udyog Aadhar Registration in India an strive 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 fabrics.
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 offers.
Measures like quick settlement of duty credit scrips become 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 exchange strikes.
In order to advertise trade facilitation, the government has also extended a provision to relieve export obligations depending on the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets are also provided as part of the recently announced export stimulus package.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme 1 other incentive that may help the MSME export segment tide over the continuing crisis.
In order to promote trade facilitation, the government has also extended a provision reduce export obligations in line with the decline in exports.
Export incentives for models like technical textiles, stapling machine and handmade carpets were also provided within the recently announced export package deal.