Federal government Announces Relief Package For Exporters

After witnessing a giant contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) within export sector will soon receive much needed relief.

In an effort to reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore give relief to the export segment. This move is required to benefit the employment-intensive export sectors for instance leather, gems & jewelery and linens.

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

Measures like quick settlement of duty credit scrips for you to become issued ahead of 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.

In order to promote trade facilitation, federal government has also extended a provision to relieve export obligations using the decline in exports.

Export incentives for goods 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 obligation entitlement pass book (DEPB) scheme an additional incentive that may help the MSME export segment tide over the continuing 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 such things technical textiles, stapling machine and handmade carpets seemed to be provided in the recently announced export stimulus package.