Federal government Announces Relief Package For Exporters

After witnessing a large contraction SSI Online Registration in India 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 attempt 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 gonna benefit the employment-intensive export sectors since leather, gems & jewelery and linens.

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

Measures like quick settlement of duty credit scrips turn out to be 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 to advertise trade facilitation, the government has also extended a provision cut down export obligations by the decline in exports.

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

The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme is another incentive that would help the MSME export segment tide over the continued crisis.

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

Export incentives for stuff like technical textiles, stapling machine and handmade carpets were also provided in the recently announced export package deal.