Federal government Announces Relief Package For Exporters

After witnessing a definite contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) Udyog Aadhaar Registration in India the export sector will soon 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 gonna benefit the employment-intensive export sectors such as 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 costs.

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 exchange strikes.

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

Export incentives for items like technical textiles, stapling machine and handmade carpets were also provided included in 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 help the MSME export segment tide over the continuing crisis.

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

Export incentives for stuff like technical textiles, stapling machine and handmade carpets seemed to be provided in the recently announced export stimulus package.