The government Announces Relief Package For Exporters

After witnessing a large contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector will soon receive much needed relief.

In an attempt reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore in order to supply relief to the export segment. This move is gonna benefit the employment-intensive export sectors such as leather, gems & jewelery and materials.

Under the Udyog Aadhar New Registration in India package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty have been simplified to help MSME exporters prune high transaction service fees.

Measures like quick settlement of duty credit scrips turn out 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 exchange strikes.

In order market trade facilitation, federal government has also extended a provision minimize export obligations dependant upon the decline in exports.

Export incentives for such things technical textiles, stapling machine and handmade carpets seemed to be provided within the recently announced export package deal.

The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme 1 other 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 stuff like technical textiles, stapling machine and handmade carpets were also provided contained in the recently announced export package deal.