After witnessing a giant contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) in the export sector has decided to receive much needed relief.
In an effort 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 such as 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 Udyog Aadhaar MSME Registration in India exporters prune high transaction price.
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 promote.
In order market trade facilitation, the government has also extended a provision to reduce export obligations by the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have also been provided included in the recently announced export stimulus package.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme an additional incentive that help the MSME export segment tide over the continued crisis.
In order to promote trade facilitation, the government has also extended a provision to reduce export obligations in line with the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets are also provided during their recently announced export package deal.