After witnessing a great contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) within export sector will 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 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 also been simplified to help MSME Registration Process in India exporters prune high transaction expenditure.
Measures like quick settlement of duty credit scrips 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 reduce export obligations in line with the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets were also provided within the recently announced export package deal.
The de-linking of grant of benefit under the obligation entitlement pass book (DEPB) scheme one more incentive a good-looking lawn help the MSME export segment tide over the ongoing 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 have also been provided in the recently announced export package deal.