Federal government Announces Relief Package For Exporters

After witnessing a great contraction in export orders for recent years months, Indian micro, small and medium enterprises (MSMEs) ultimately 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 in order to supply relief to the export segment. This move is going to benefit the employment-intensive export sectors while leather, gems & jewelery and sheets.

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

Measures like quick settlement of duty credit scrips to be able to issued ahead belonging to 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.

eUdyog Aadhar Registration in India order market trade facilitation, federal government has also extended a provision to reduce export obligations depending on the decline in exports.

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

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 continued crisis.

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

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