The government Announces Relief Package For Exporters

After witnessing a definite 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 reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore to relief to the export segment. This move is certainly going to benefit the employment-intensive export sectors since leather, gems & jewelery and sheets.

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

Measures like quick settlement of duty credit scrips to be able to 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 position.

In order market trade facilitation, federal government has also extended a provision cut down export obligations in line with the decline in exports.

Export incentives for goods like technical textiles, stapling machine and handmade carpets were also provided within the recently announced export stimulus package.

The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme one more incentive that would 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 reduce export obligations in line with the decline in exports.

Export incentives for items like technical textiles, stapling machine and handmade carpets have been provided during their recently announced export package deal.