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 make an effort 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 textiles.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty are simplified to help MSME exporters prune high transaction service fees.
Measures like quick settlement of duty credit scrips to be issued ahead of 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 promote trade facilitation, federal government has also extended a provision cut down export obligations by the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have been provided within the recently announced export stimulus package.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme extra incentive a good-looking lawn help the MSME export segment tide over the continuing crisis.
SSI Online Registration Form in India order to promote trade facilitation, the government has also extended a provision to reduce export obligations in line with professional compensation in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have also been provided during their recently announced export package deal.