After witnessing a definite contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) the actual export sector will soon 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 to relief to the export segment. This move is 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 are simplified to help MSME Registration Certificate in India exporters prune high transaction price.
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 to advertise trade facilitation, the government has also extended a provision to reduce export obligations depending on the decline in exports.
Export incentives for things 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 position entitlement pass book (DEPB) scheme 1 other incentive that would help the MSME export segment tide over the ongoing crisis.
In order to promote trade facilitation, the government has also extended a provision reduce export obligations in line with professional compensation in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets were also provided during their recently announced export package deal.