After witnessing a large contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) ultimately 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 likely to benefit the employment-intensive export sectors with regard to example 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 Online MSME Registration Form in India exporters prune high transaction price.
Measures like quick settlement of duty credit scrips 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 to advertise trade facilitation, brand new has also extended a provision to scale back export obligations using the decline in exports.
Export incentives for things like technical textiles, stapling machine and handmade carpets have been provided as part of the recently announced export stimulus package.
The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme one more incentive that would help the MSME export segment tide over the continuing crisis.
In order to promote trade facilitation, the government has also extended a provision to reduce export obligations in line with the decline in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets are also provided within the recently announced export package deal.