The government Announces Relief Package For Exporters

After witnessing a huge 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 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 required to benefit the employment-intensive export sectors while 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 switch.

In order encourage trade facilitation, the government has also extended a provision to relieve export obligations dependant upon the decline in exports.

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

The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme an additional incentive that would help the MSME Online Registration in India export segment tide over the continuing crisis.

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

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