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Exim Policy of India 2004

Exim Policy of India 2004

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Published by asifanis

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Published by: asifanis on Jun 09, 2010
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 The foreign trade of India is guided by the Export-Import policy of the Government of India.
Regulated by The Foreign Trade Development and RegulationAct 1992.
Exim policy contains various policy decisions with respect toimport and exports from the country.
Exim Policy is prepared and announced by the centralgovernment.
Exim Policy of India aims to developing export potential,improving export performance, encouraging foreign trade andcreating favorable balance of payment position.
 About the Policy:-
Mr. Kamal Nath, minister for commerce and industryannounced
this policy on 31st Aug 2004.
 The duration of the policy is from 1st Sept. 2004 to 31stMarch 2009.
It takes an integrated view of the overall development of India’s foreign trade.
Aim of the policy is to double the global merchandise tradewithin the policy time period of 5 years
General Objectives of Exim Policy:-
 To establish the framework for globalization.
 To promote the productivity competitiveness of IndianIndustry.
 To encourage the attainment of high and internationallyaccepted standards of quality.
 To augment export by facilitating access to raw material,intermediate, components, consumables and capital goodsfrom the international market.
 To promote internationally competitive import substitutionand self-reliance.
 To double our percentage of share of global merchandisetrade within the five year.
 To act as an effective instrument of economic growth bygiving a thrust to employment generation.
Highlights of the New Foreign Trade Policy 2004-2009
Special Focus Initiatives : Semi-urban and Rural Area.
Agriculture : Vishesh Krishi Upaj Yojana and Agri Export Zones.
Handlooms and Handicrafts : Mark under Market AccessInitiatives Scheme and Proposed to start new SEZ.
Gems and Jewellery : Import of gold of 18 carat and above hasbeen permitted under the replenishment scheme
Leather and Footwear : Duty free import entitlement of specifieditems shall be 5% of FOB value of exports during the precedingyear.6.Export Promotion Schemesa.Assistance to States for Infrastructure Development of Exports [ASIDE]b.Market Access Initiative [MAI]c.Marketing Development Assistance [MDA]d.Towns of Export Excellencee.Target Plus Scheme.f.Served from India Schemeg.Service Export Promotion Council7.New Status Holder Categorization
CategoryTotal Performance(In Rs.)One Star Export House15 crore Two Star Export House100 crore Three Star Export House500 croreFour Star Export House1500croreFive Star Export House5000 Crore
Board of Trade : The role is to advising government on relevantissues connected with Foreign Trade Policy.
Implications of the Foreign Trade 2004-09
Implications on Indian Economy:
 This policy propose to simplify procedures and developtechnology and infrastructure.
Implications on Agriculture:
Special Agricultural Produce Scheme has been introducedfor promoting the export of fruits, vegetables, flowers, andtheir value added products.
Implications on Handlooms and Handicraft:
Establishment of Handicraft SEZ and Handicraft ExportPromotion Council would promote development of Handloom and Handicraft Industry.
Implications on Gem and Jewellery Sector :
 This is special thrust area in this policy.
Duty free imports of other inputs would give a furtherboost to this sector
Implications on Leather and Footwear Industry :
Duty free import as a specified percentage of exports.
Exemption on customs duty on equipment for effluenttreatment plants would help promoting export form thissector.
Implications on Service Industry :
An exclusive service promotion council has been set up inorder to map the opportunities for key services in keymarket.
Develop strategic market access programmes like brandbuilding in co-ordination with sectoral players andrecognize nodal bodies of the service industry.

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