After witnessing a giant contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) in the 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 likely to benefit the employment-intensive export sectors such as leather, gems & jewelery and fabrics.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty are simplified to help MSME exporters prune high transaction expenditure.
Measures like quick settlement of duty credit scrips to be issued ahead of the realization of export proceeds and extension of scrips for import of even restricted items after payment of duty is expected to facilitate greater position.
In order market trade facilitation, brand new has also extended a provision to scale back export obligations depending on the decline in exports.
Export incentives for goods like technical textiles, stapling machine and handmade carpets seemed to be provided within the recently announced export stimulus package.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme one more incentive that may help the MSME export segment tide over the crisis.
In order to promote trade facilitation, the government has also extended a provision limit export obligations SSI Registration Certificate Online in India line with the decline in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have also been provided in the recently announced export package deal.