The government Announces Relief Package For Exporters

After witnessing a large contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) in the export sector has decided to receive much needed relief.

In an make an effort to 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 certainly going to benefit the employment-intensive export sectors for instance leather, gems & jewelery and sheets.

Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty have been simplified to help MSME exporters prune high transaction costs.

Measures like quick settlement of duty credit scrips to be issued ahead belonging to 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 to advertise trade facilitation, the government has also extended a provision to scale back export obligations using the decline in exports.

Export incentives for things such as technical textiles, stapling machine and handmade carpets have been provided contained in 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 help the MSME Online Registration in India export segment tide over the continued crisis.

In order to promote trade facilitation, the government has also extended a provision to cut back export obligations in line with decrease in exports.

Export incentives for such things as technical textiles, stapling machine and handmade carpets have been provided during their recently announced export stimulus package.