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INTRODUCTION
India is known as one of the most important and emerging player in the
global economy. Its foreign trade policies and government reforms have made it a
significant destination for foreign investments around the world. Also,
technological and infrastructural developments being carried out all over the
country enable efficient trade and economic practices. For the successful economic
development of a country, vigorous foreign trade policy is of great importance.
Therefore, India adopted a foreign trade policy known as the EXIM Policy or the
Export-Import policy.
India's Foreign Trade Policy also known as Export Import Policy (EXIM)
in general, aims at developing export potential, improving export performance,
encouraging foreign trade and creating favorable balance of payments position.
Foreign Trade Policy is prepared and announced by the Central Government
(Ministry of Commerce). Foreign Trade Policy or EXIM Policy is a set of
guidelines and instructions established by the DGFT (Directorate General of
Foreign Trade) in matters related to the import and export of goods in India.
The foreign trade policy, has offered more incentives to exporters to help them
tide over the effects of a likely demand slump in their major markets such as the
US and Europe.
Foreign trade is exchange of capital, goods, and services across international
borders or territories. In most countries, it represents a significant share of gross
domestic product (GDP). While international trade has been present throughout
much of history, its economic, social, and political importance has been on the
rise in recent centuries.
The Foreign Trade Policy of India is guided by the Export Import in known as
in short EXIM Policy of the Indian Government and is regulated by the Foreign
Trade Development and Regulation Act, 1992.
DGFT (Directorate General of Foreign Trade) is the main governing body in
matters related to EXIM Policy. The main objective of the Foreign Trade
(Development and Regulation) Act is to provide the development and regulation
of foreign trade by facilitating imports into, and augmenting exports from India.
Foreign Trade Act has replaced the earlier law known as the imports and
Exports (Control) Act 1947.
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.
The Foreign Trade Policy (FTP) was introduced by the Government to grow
the Indian export of goods and services, generating employment and increasing
value addition in the country. The Government, through the implementation of the
policy, seeks to develop the manufacturing and service sectors. This article is a
snapshot of the various aspects of the policy.