After witnessing a definite contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) in the export sector will 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 in order to supply relief to the export segment. This move is required to benefit the employment-intensive export sectors such as leather, gems & jewelery and sheets.

Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty are simplified to help MSME Registration Online in India exporters prune high transaction price.

Measures like quick settlement of duty credit scrips to be able to 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 promote.

In order to advertise trade facilitation, federal government has also extended a provision to scale back export obligations depending on the decline in exports.

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

The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme is another incentive that may 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 in line with the decline in exports.

Export incentives for stuff like technical textiles, stapling machine and handmade carpets seemed to be provided within the recently announced export stimulus package.