After witnessing a huge contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) within export sector will soon 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 certainly going to benefit the employment-intensive export sectors for instance 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 Registration Fees in India exporters prune high transaction service fees.
Measures like quick settlement of duty credit scrips for you to become 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 trade.
In order encourage trade facilitation, the government has also extended a provision to relieve export obligations by the decline in exports.
Export incentives for things such as technical textiles, stapling machine and handmade carpets seemed to be provided within the recently announced export package deal.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme 1 other incentive yard help the MSME export segment tide over the 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 such things as technical textiles, stapling machine and handmade carpets have been provided in the recently announced export package deal.