After witnessing a great contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector will quickly 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 required to benefit the employment-intensive export sectors such as leather, gems & jewelery and fabrics.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty already been simplified to help MSME exporters prune high transaction expenditure.
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 encourage trade facilitation, the government has also extended a provision to scale back export obligations depending on the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets were also provided as part of the recently announced export package deal.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme 1 other incentive that would help the MSME Registration Online in India export segment tide over the continued crisis.
In order to promote trade facilitation, the government has also extended a provision limit export obligations in line with professional compensation in exports.
Export incentives for models like technical textiles, stapling machine and handmade carpets are also provided within the recently announced export package deal.