After witnessing a huge 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 attempt 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 for instance leather, gems & jewelery and fabrics.

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 price.

Measures like quick settlement of duty credit scrips turn out to be issued ahead of this 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 to advertise trade facilitation, brand new has also extended a provision cut down export obligations dependant upon the decline in exports.

Export incentives for such things technical textiles, stapling machine and handmade carpets have also been provided within the recently announced export package deal.

The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme one more incentive a good-looking lawn help the MSME Udyog Aadhaar Registration in India export segment tide over the continued crisis.

In order to promote trade facilitation, the government has also extended a provision to reduce export obligations in line with professional compensation in exports.

Export incentives for items like technical textiles, stapling machine and handmade carpets have been provided as part of the recently announced export package deal.

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