After witnessing a definite 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 effort 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 required 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 expenditure.
Measures like quick settlement of duty credit scrips to be 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 encourage trade facilitation, brand new has also extended a provision cut down export obligations by the decline in exports.
Export incentives for things like technical textiles, stapling machine and handmade carpets have been provided included in the recently announced export package deal.
The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme an additional incentive a good-looking lawn help the MSME export segment tide over the continued crisis.
SSI Online Registration in India order to promote trade facilitation, the government has also extended a provision reduce export obligations in line with the decline in exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets have been provided during their recently announced export package deal.