Federal government Announces Relief Package For Exporters

After witnessing a great contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector will soon receive much needed relief.

In an effort to reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore in order to supply 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 have been simplified to help MSME exporters prune high transaction costs.

Measures like quick settlement of duty credit scrips to be issued ahead belonging to the 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, brand new has also extended a provision to scale back export obligations using the decline in exports.

Export incentives for goods like technical textiles, stapling machine and Udyog Aadhaar Registration Form Online handmade carpets are also provided during the recently announced export stimulus package.

The de-linking of grant of benefit under the obligation entitlement pass book (DEPB) scheme extra 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 to reduce export obligations in line with the decline in exports.

Export incentives for models like technical textiles, stapling machine and handmade carpets have been provided as part of the recently announced export stimulus package.