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Foreign Trade

Foreign Trade

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Published by Gurjeit Singh

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Published by: Gurjeit Singh on May 03, 2010
Copyright:Attribution Non-commercial

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11/07/2014

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Foreign Trade1Made by GURJEIT SINGH
FOREIGNTRADE
FOREIGN TRADEPOLICY OF INDIA 2009-14
Submitted to: Mr.UTTAMSubmitted by:GURJEIT SINGH
 
Foreign Trade2
Foreign Trade
It is the exchange of goods and services between nations. Goods can be defined as finished products, as intermediategoods used in producing other goods, or as agricultural products and foodstuffs. International trade enables a nationto specialize in those goods it can produce most cheaply and efficiently. Trade also enables a country to consumemore than it would be able to produce if it depended only on its own resources. Finally, trade enlarges the potentialmarket for the goods of a particular economy. Trade has always been the major force behind the economic relationsamong nations.
Made by GURJEIT SINGH
 
Foreign Trade3
Import control introduced in 1940 as a wartime measure under the Defence of India Rules with the primaryobjective of conserving the foreign exchange resources and restricting physical imports to reduce the pressure on thelimited available shipping space. After the end of the war, the Defence of India Rules lapsed and hence inSeptember 1946, the Emergency Provisions Ordinance, 1946 promulgated to continue the import trade control. Thiswas ultimately replaced by the Imports and Exports Act, 1947, which came into force with in the effect from 25
th
March 1947. The Imports and Exports Act, 1947 was replaced by the Foreign Trade Development and RegulationAct, came into force on 19
th
June 1992.
Objectives of the Foreign Trade Policy of India – 
Trade propels economic growth and national development. The primary purpose is not the mere earning of foreignexchange, but the stimulation of greater economic activity. The Foreign Trade Policy of India is based on two major objectives, they are -
To double the percentage share of global merchandise trade within the next five years.
To act as an effective instrument of economic growth by giving a thrust to employment generation.
Made by GURJEIT SINGH

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