After witnessing a giant contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) within export sector will quickly 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 give relief to the export segment. This move is gonna benefit the employment-intensive export sectors while leather, gems & jewelery and materials.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty have been simplified to help MSME exporters prune high transaction service fees.
Measures like quick settlement of duty credit scrips to be able to issued ahead on the 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 to promote trade facilitation, the government has also extended a provision minimize export obligations using the decline SSI Online Application in India exports.
Export incentives for things like technical textiles, stapling machine and handmade carpets have also been provided within the recently announced export package deal.
The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme extra incentive that would 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 professional compensation in exports.
Export incentives for models like technical textiles, stapling machine and handmade carpets have been provided during their recently announced export package deal.