After witnessing a large contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) ultimately export sector has decided to 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 to provide relief to the export segment. This move is required to benefit the employment-intensive export sectors for instance leather, gems & jewelery and fabrics.

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 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 promote trade facilitation, brand new has also extended a provision cut down export obligations depending on the decline in exports.

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

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

Aadhar Udyog Registration in India order to promote trade facilitation, the government has also extended a provision to reduce 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 contained in the recently announced export package deal.