After witnessing a large contraction eUdyog Aadhar Registration in India export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) within export sector will soon receive much needed relief.
In an strive 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 gonna benefit the employment-intensive export sectors such as leather, gems & jewelery and materials.
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 expenditure.
Measures like quick settlement of duty credit scrips become issued ahead on the realization of export proceeds and extension of scrips for import of even restricted items after payment of duty is expected to facilitate greater promote.
In order encourage trade facilitation, brand new has also extended a provision minimize export obligations using the decline in exports.
Export incentives for things like technical textiles, stapling machine and handmade carpets were also provided included in the recently announced export stimulus package.
The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme extra incentive yard help the MSME export segment tide over the continuing crisis.
In order to promote trade facilitation, the government has also extended a provision limit export obligations in line with decrease in exports.
Export incentives for items like technical textiles, stapling machine and handmade carpets have also been provided during their recently announced export package deal.