After witnessing a huge contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) the actual export sector will receive much needed relief.

In an attempt to reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore produce relief to the export segment. This move is certainly going to benefit the employment-intensive export sectors since 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 expenditure.

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

In order to promote trade facilitation, brand new has also extended a provision to scale back export obligations using the decline in exports.

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

The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme one more 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 cut down export obligations SSI Online Application in India line with decrease in exports.

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