After witnessing a great contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector will quickly receive much needed relief.
In an make an effort to reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore to provide relief to the export segment. This move is certainly going to benefit the employment-intensive export sectors for instance leather, gems & jewelery and linens.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty have been simplified to help Udyog Aadhaar MSME Registration in India exporters prune high transaction expenditure.
Measures like quick settlement of duty credit scrips to be issued ahead belonging to 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 to promote trade facilitation, the government has also extended a provision minimize export obligations dependant upon the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets have also 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 is another incentive that 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 decrease in exports.
Export incentives for models like technical textiles, stapling machine and handmade carpets were also provided within the recently announced export package deal.