Federal government Announces Relief Package For Exporters

After witnessing a great contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) within 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 to provide relief to the export segment. This move is certainly going to benefit the employment-intensive export sectors since leather, gems & jewelery and materials.

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 service fees.

Measures like quick settlement of duty credit scrips become 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 trade.

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

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

The de-linking of grant of benefit under the work entitlement pass book (DEPB) scheme extra incentive yard help the MSME export segment tide over the continuing crisis.

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

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