After witnessing a huge contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) in the export sector will quickly 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 required to benefit the employment-intensive export sectors with regard to example leather, gems & jewelery and fabrics.

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 price.

Measures like quick settlement of duty credit scrips become issued ahead on the realization of export proceeds and extension of scrips for import of even restricted items after payment of duty is expected to facilitate greater promote.

In order to promote trade facilitation, federal government has also extended a provision cut down export obligations dependant upon the decline in exports.

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

The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme an additional incentive yard help the MSME export segment tide over the ongoing crisis.

In order to promote trade facilitation, the government has also extended a provision to cut back export obligations Udyog Aadhar Online Registration in India line with professional compensation in exports.

Export incentives for items like technical textiles, stapling machine and handmade carpets seemed to be provided as part of the recently announced export stimulus package.