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Foreign Trade Policy

Foreign Trade Policy

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Published by gagan

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Published by: gagan on Sep 01, 2010
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09/01/2010

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1
(Session: 2009-2011)
 
A
SSIGNMENTONINDI
A
N COMMERCI
AL
PO
L
ICY
A
CRITIC
AL
OVERVIEW
Submitted To: Submitted ByProf. A.K.SHARAN VARSHA NATHANIPRATEEK THAKUR GAGAN SINGHMOHIT MALVIYAKAMAL SEWANI
 
2
 
CONTENTS
PAGE NO.
PART A OVERVEIW OF COMMERCIAL POLICY 3-4PART B COMMERCIAL POLICY OF INDIA/FOREIGN TRADE POLICY 5-8PART C CHALLENGES , ISSUES AND RECOMMENDATION 9-14REFRENCES 15
 
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A
N OVERVEIW: COMMERCI
AL
PO
L
ICY OF INDI
A
 
India's economic history can be broadly divided into three eras, beginning withthe pre-colonial period lasting up to the 17th century. The advent of Britishcolonization started the colonial period in the 18th century, which ended withindependence in 1947. The third period stretches from independence in 1947 untilnow. The
economy of India
is the twelfth largest economy in the world bynominal value and the fourth largest by purchasing power parity (PPP). In the1990s, following economic reform from the socialist-inspired economy of post-independence India, the country began to experience rapid economic growth, asmarkets opened for international competition and investment. In the 21st century,India is an emerging economic power with vast human and natural resources, anda huge knowledge base. Economists predict that by 2020, India will be among theleading economies of the world. Trade is not an end in itself, but a means toeconomic growth and national development. The primary purpose is not the mereearning of foreign exchange, but the stimulation of greater economic activity. TheForeign Trade Policy is rooted in this belief and built around two major objectives. These are:(i) To double our percentage share of global merchandise trade within the nextfive years;And(ii) To act as an effective instrument of economic growth by giving a thrust toemployment Generation.Commercial policy of India is also known as the foreign trade policy of India. Bycomposition of foreign trade of any country we imply the composition of importsand exports. An examination of the foreign trade of a country enables to analyzethe progress of that country and the rate and speed of structural changes operatingin it. In the pre-independence period, the direction of India¶s foreign trade wasdetermined not according to the comparative cost advantages of India but by thecolonial relations between India and Britain. It was Britain that decided fromwhich countries India could import its requirement and to which country it couldexport its products. Naturally, a major part of India¶s exports was either directlywith Britain or its colonies or allies. This pattern continued for some years after Independence as well since India has not till then explored the possibilities of developing trade relations with other countries of the world. For example, the

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