After witnessing a large contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) in the export sector has decided to receive much needed relief.
In an strive to 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 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 also been simplified to help MSME exporters prune high transaction offers.
Measures like quick settlement of duty credit scrips become 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 trade.
In order market trade facilitation, federal government has also extended a provision minimize export obligations using the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets were also provided contained SSI Certificate Online Registration in India the recently announced export stimulus package.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme extra incentive that may help the MSME export segment tide over the continuing 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 such things technical textiles, stapling machine and handmade carpets seemed to be provided in the recently announced export package deal.