After witnessing a great contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) the actual 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 Udyog Aadhaar Registration in India order to supply relief to the export segment. This move is likely 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 happen to simplified to help MSME exporters prune high transaction service fees.
Measures like quick settlement of duty credit scrips for you to become 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 switch.
In order encourage trade facilitation, federal government has also extended a provision minimize 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 work entitlement pass book (DEPB) scheme is another 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 decrease in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets were also provided contained in the recently announced export package deal.