Federal government Announces Relief Package For Exporters

After witnessing a huge contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) in the export sector has decided to 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 in order to supply relief to the export segment. This move is going to benefit the employment-intensive export sectors since leather, gems & jewelery and fabrics.

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

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 exchange strikes.

In order to promote trade facilitation, federal government has also extended a provision to scale back export obligations dependant upon the decline in exports.

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

The de-linking of grant of benefit under the job entitlement pass book (DEPB) scheme an additional incentive that help the MSME export segment tide over the ongoing crisis.

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

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