After witnessing a giant contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) within export sector will quickly receive much needed relief.
In an attempt reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore produce relief to the export segment. This move is gonna benefit the employment-intensive export sectors such as leather, gems & jewelery and textiles.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty have been simplified to help MSME exporters prune high transaction offers.
Measures like quick settlement of duty credit scrips for Udyog Aadhar Registration Online 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 switch.
In order encourage trade facilitation, the government has also extended a provision to reduce export obligations by the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets have been provided contained in the recently announced export package deal.
The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme 1 other incentive a good-looking lawn help the MSME export segment tide over the ongoing crisis.
In order to promote trade facilitation, the government has also extended a provision limit export obligations in line with decrease in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets are also provided during their recently announced export stimulus package.