After witnessing a large contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) within 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 to relief to the export segment. This move is required to benefit the employment-intensive export sectors such as leather, gems & jewelery and linens.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty already been simplified to help Online MSME Registration Form in India 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 promote.
In order to promote trade facilitation, federal government has also extended a provision cut down export obligations depending on the decline in exports.
Export incentives for goods 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 position entitlement pass book (DEPB) scheme 1 other incentive that may help the MSME export segment tide over the continued crisis.
In order to promote trade facilitation, the government has also extended a provision cut down export obligations in line with decrease in exports.
Export incentives for such things as technical textiles, stapling machine and handmade carpets seemed to be provided contained in the recently announced export package deal.