After witnessing a large contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector has decided to 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 give relief to the export segment. This move is going to benefit the employment-intensive export sectors while leather, gems & jewelery and sheets.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty have been simplified to help MSME Registration Fees in India exporters prune high transaction expenditure.
Measures like quick settlement of duty credit scrips turn out 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 trade.
In order market trade facilitation, federal government has also extended a provision to relieve export obligations depending on the decline in exports.
Export incentives for things such as 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 job entitlement pass book (DEPB) scheme one more incentive that may help the MSME export segment tide over the continued crisis.
In order to promote trade facilitation, the government has also extended a provision to cut back export obligations in line with the decline in exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets seemed to be provided in the recently announced export package deal.