After witnessing a large contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) ultimately 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 produce relief to the export segment. This move is required to benefit the employment-intensive export sectors since leather, gems & jewelery and textiles.

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 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 switch.

Udyog Aadhaar Registration in India order to advertise trade facilitation, federal government has also extended a provision minimize export obligations dependant upon the decline in exports.

Export incentives for things such as technical textiles, stapling machine and handmade carpets have also been provided within the recently announced export package deal.

The de-linking of grant of benefit under the obligation entitlement pass book (DEPB) scheme one more incentive that may help the MSME export segment tide over the continuing crisis.

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

Export incentives for stuff like technical textiles, stapling machine and handmade carpets have also been provided during their recently announced export stimulus package.