After witnessing a great contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) the actual export sector will 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 give relief to the export segment. This move is certainly going to benefit the employment-intensive export sectors such as leather, gems & jewelery and fabrics.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty already been simplified to help MSME Registration Process in India exporters prune high transaction price.
Measures like quick settlement of duty credit scrips become 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 promote.
In order market trade facilitation, the government has also extended a provision to scale back export obligations dependant upon the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets seemed to be provided contained in the recently announced export package deal.
The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme extra incentive yard help the MSME export segment tide over the continuing crisis.
In 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 stuff like technical textiles, stapling machine and handmade carpets have also been provided contained in the recently announced export stimulus package.