After witnessing a large contraction in export orders for the past few 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 certainly going to benefit the employment-intensive export sectors with regard to example leather, gems & jewelery and materials.

Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty happen to simplified to help MSME exporters prune high transaction costs.

Measures like quick settlement of duty credit scrips turn out to be issued ahead from 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 to reduce export obligations depending on the decline in exports.

Export incentives for items like technical textiles, stapling machine and handmade carpets have also been provided included in the recently announced export stimulus package.

The de-linking of grant of benefit under the duty entitlement pass book (DEPB) scheme one more incentive yard help the MSME Registration Benefits in India 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 in line with decrease in exports.

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