Evolution of Export Import Policy


Introduction:Introduction:Trade policy governors exports for and imports into a country. It is one of the various policy instrument used by a country to attended goal of economic development.  

The trade policy of export import is formulated by the Ministry of Commerce and Government of India in terms of section 5 of Foreign Trade Act, 1992. 

Besides the Government of India also announced on January 30,2002 a Medium Term Export strategy, to guide the Export Import Policy. 

Meaning:Meaning:The foreign trade of India is guide by the Export Import Policy of Government of India arid is regulated by the foreign trade Act 1992. EXIM Policy contains various policy decision taken by Government in the spheres of foreign trade i. e with respect to Export and Import of the Country and more export promotion measure policy and procedure related thereto.   

India EXIM Policy, in general, aims at developing export potential, improving export performance, encouraging foreign trade and creating favorable balance of position. 

General objective of EXIM policy:policy:There are two aspect of the trade policy, import policy which concerned management and regulation import and export policy, which is concerned with export not only promotion but also regulation. The main objective of EXIM policy is promote export to the maximum extent. Promoting Export and foreign exchange earning. Regulating export wherever it necessary for the purpose of either avoiding competition among the Indian exporters or ensuring domestic availability of essential items of mass consumption at reasonable prices.       

EXIM policy 2002-07. 2002Agriculture:Agriculture:Agriculture removal of quantitative and packing restriction on wheat and its product. It is estimated by some economists that every one per cent switch in the terms of trade in favor of agriculture will result in diversion of about Rs.8,500 crores annually in favor of agriculture from the nonnonagriculture sector. According to the International Grain Council reports, in respect of wheat export, we are at the 7th position amongst the wheat exporting countries.    

Gems & Jewellery:Jewellery:
Customs duty on import of rough diamonds is being reduced to zero per cent. Import of rough diamonds is already freely allowed.  

Leather:Leather:Duty free imports of trimmings and embellishments upto 3% of the FOB value hitherto confined to leather garments extended to all leather products.  

EXIM Policy 2009-2014:2009-2014:In the last five years our exports witnessed robust growth to reach a level of US$ 168 billion in 2008-09 from US$ 63 2008billion in 2003-04. Our share of global merchandise trade 2003was 0.83% in 2003; it rose to 1.45% in 2008 as per WTO estimates. Our share of global commercial services export was 1.4% in 2003; it rose to 2.8% in 2008. India¶s total share in goods and services trade was 0.92% in 2003; it increased to 1.64% in 2008. On the employment front, studies have suggested that nearly 14 million jobs were created directly or indirectly as a result of augmented exports in the last five years.   

We would like to set a policy objective of achieving an annual export growth of 15% with an annual export target of US$ 200 billion by March 2011. In the remaining three years of this Foreign Trade Policy i.e. up to 2014, the country should be able to come back on the high export growth path of around 25% per annum. 

Highlights of the New Foreign Trade Policy 2009-2014:2009-2014:  


Higher support for market and product diversification. diversification. Technological up gradation. gradation. EPCG scheme relaxation. relaxation. Status holders. holders. Stability/continuity of the foreign trade policy. policy. Marine sector. sector. Agriculture sector. sector.


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