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
March 1947. The Imports and Exports Act, 1947 was replaced by the Foreign Trade Development and RegulationAct, came into force on 19
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