After witnessing a great contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) within 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 to provide relief to the export segment. This move is required to benefit the employment-intensive export sectors while leather, gems & jewelery and fabrics.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty have been simplified to help MSME Registration Fees in India exporters prune high transaction offers.
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 advertise trade facilitation, the government has also extended a provision cut down export obligations in line with the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets have been provided as part of the recently announced export stimulus package.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme an additional incentive a good-looking lawn help the MSME export segment tide over the continued 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 stuff like technical textiles, stapling machine and handmade carpets are also provided as part of the recently announced export stimulus package.