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Assignment no: 1
Anand Krishnan A
16BCL1068
2. Diversity in Exports:
Previously, India used to export its traditional commodities only which
included tea, jute, cotton textile, leather, etc. But great diversity has been
observed in India’s export commodities during the last few years. India now
exports over 7,500 commodities. Since 1991, India has emerged as a major
exporter of computer software and that too to some of the advanced countries
like the USA and Japan.
3. Worldwide Trade:
India had trade links with Britain and a few selected countries only before
Independence. But now India has trade links with almost all the regions of the
world. India exports its goods to as many as 190 countries and imports from
140 countries.
4. Change in Imports:
Earlier we used to import food-grains and manufactured goods only. But now
oil is the largest single commodity imported by India. Both the imports as well
as exports of pearls and precious stones have increased considerably during
the last few years. Our other important commodities of import are iron and
steel, fertilizers, edible oils and paper.
5. Maritime Trade:
About 95 per cent of our foreign trade is done through sea routes. Trade
through land routes is possible with neighbouring countries only. But
unfortunately, all our neighbouring countries including China, Nepal, and
Myanmar are cut off from India by lofty mountain ranges which makes trade
by land routes rather difficult. We can have easy access through land routes
with Pakistan only but the trade suffered heavily due to political differences
between the two countries.
8. State Trading
Most of India’s overseas trade is done in public sector by state agencies and
very little trade is done by individuals.
Trade statistics
The top 10 commodity exports in 2014 are listed:
Trading partners
India's largest trading partners in descending order of value of total trade are
the United Arab Emirates, China, United States, Saudi
Arabia, Switzerland, Singapore, Germany, Hong
Kong, Indonesia, Iraq and Japan.
India’s Foreign Trade: June 2019
EXIM Policy
Indian EXIM Policy contains various policy related decisions taken by the
government in the sphere of Foreign Trade, i.e., with respect to imports and
exports from the country and more especially
export promotion measures, policies and procedures related thereto. Trade
Policy is prepared and announced by the Central Government (Ministry of
Commerce). India's Export Import Policy also know as Foreign Trade Policy, in
general, aims at developing export potential, improving export performance,
encouraging foreign trade and creating favorable balance of payments
position.
EXIM Policy. At the same time, all-out efforts are made to promote exports.
Thus, there are two aspects of Exim Policy; the import policy which is
concerned with regulation and management of imports and the export policy
which is concerned with exports not only promotion but also regulation. The
main objective of the Government's EXIM Policy is to promote exports to the
maximum extent. Exports should be promoted in such a manner that the
economy of the country is not affected by unregulated exportable
items specially needed within the country. Export control is, therefore,
exercised in respect of a limited number of items whose supply position
demands that their exports should be regulated in the larger interests of the
country. In other words, the main objective of the Exim Policy is:
To accelerate the economy from low level of economic activities to high level
of economic activities by making it a globally oriented vibrant economy and to
derive maximum benefits from expanding global market opportunities.
To stimulate sustained economic growth by providing access to essential raw
materials, intermediates, components,' consumables and capital goods
required for augmenting production.
To enhance the techno local strength and efficiency of Indian agriculture,
industry and services, thereby, improving their competitiveness.
To generate new employment.
Opportunities and encourage the attainment of internationally accepted
standards of quality.
To provide quality consumer products at reasonable prices.
Road Ahead
India is presently known as one of the most important players in the global
economic landscape. Its trade policies, government reforms and inherent
economic strengths have attributed to its standing as one of the most sought
after destinations for foreign investments in the world. Also, technological and
infrastructural developments being carried out throughout the country augur
well for the trade and economic sector in the years to come.
With the Government of India striking is important deals with the governments
of Japan, Australia and China, the external sector is increasing its contribution
to the economic development of the country and growth in the global markets.
Moreover, by implementing the FTP 2015-20, by 2020, India's share in world
trade is expected to double from the present level of three per cent.