Federal government Announces Relief Package For Exporters

After witnessing a definite contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector will quickly 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 in order to supply relief to the export segment. This move is required to benefit the employment-intensive export sectors with regard to example leather, gems & jewelery and textiles.

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 service fees.

Measures like quick settlement of duty credit scrips turn out to be issued ahead from the realization of export proceeds and extension of scrips for import of even restricted items after payment of duty is expected to facilitate greater trade.

Online SSI Registration in India order to advertise trade facilitation, federal government has also extended a provision to relieve export obligations using the decline in exports.

Export incentives for items like technical textiles, stapling machine and handmade carpets are also provided during the recently announced export stimulus package.

The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme 1 other incentive that would help the MSME 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 the decline in exports.

Export incentives for such things as technical textiles, stapling machine and handmade carpets seemed to be provided as part of the recently announced export stimulus package.