After witnessing a giant contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) in the export sector will soon 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 with regard to example leather, gems & jewelery and textiles.

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

Measures like quick settlement of duty credit scrips to be 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 position.

In order market trade facilitation, federal government has also extended a provision to relieve export obligations using the decline in exports.

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

The de-linking of grant of benefit under the position entitlement pass book (DEPB) scheme extra incentive that may help the MSME export segment tide over the ongoing crisis.

Aadhar Udyog Registration in India 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 seemed to be provided as part of the recently announced export stimulus package.