After witnessing a giant contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) the actual export sector will soon 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 likely to benefit the employment-intensive export sectors for instance leather, gems & jewelery and materials.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty already been simplified to help MSME exporters prune high transaction expenditure.
Measures like quick settlement of duty credit scrips to be able to issued ahead from 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 encourage trade facilitation, the government has also extended a provision to relieve export obligations using the decline SSI Online Application in India exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets are also provided as part of the recently announced export stimulus package.
The de-linking of grant of benefit under the obligation 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 to reduce export obligations in line with decrease in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets seemed to be provided as part of the recently announced export package deal.