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4299foreign Trade Policy - 2
4299foreign Trade Policy - 2
Introduction
Trade is not an end in itself, but a
means to economic growth and national development. The primary purpose is not the mere earning of foreign exchange, but the stimulation of greater economic activity.
Foreign Trade
As its name implies, foreign trade is the exchange of products, services, and money across national borders; essentially trade between countries. When consumers in the U.S. purchase Swiss-made watches, Chinesemade toys and electronics, and Japanesemanufactured automobiles, they experience the end result of international trade.
produced domestically To export the goods that are produced over and above the domestic requirements To encourage foreign direct investment to build the resource gap
India Announces The F.T.P. In Every Five Year.This Is Also Called EXIM Policy.This Policy Is Updated Every Year.The Foreign Trade Policy Which Was Announced On 28th August 2009 Is An Integrated Policy For The Period 2009-14.
regulations which pertain to trade. Every nation has some form of trade policy which they think would be most appropriate for their country. The purpose of trade policy is to help a nation's international trade run more smoothly, by setting clear standards and goals which can be understood by potential trading countries.
issues. Relative industry of the home market. The nature or the degree of State intervention. Recessionary conditions in the global market.
exports that must be taken into consideration when conducting foreign trade. For example, some countries have industries they may want to protect. These industries may be in competition with foreign companies for the opportunity to sell products domestically. To protect domestic trade, countries may institute tariffs, which are taxes on certain foreign goods.
Objectives
To double Indias Exports Of Goods &
Services By 2014. To Encourage Exports Through a Mix Of Measures Including Fiscal Incentives And Efforts For Enhance Market Access Across The World And Diversifications Of Export Markets.
Targets
Export Target: $ 200 Billion For 2010-
11
Export Growth Target: 15% For Next
provide additional support especially to those sectors which have been hit badly by recession.
In the remaining three years of this FTP i.e. upto 2014, the country should be able to come back on the high export growth path of around 25% p.a.
EPCG Scheme
EXPORT PROMOTION OF CAPITAL GOODS To Aid Technological Upgradation Of Export Sector, EPCG Scheme At Zero Duty Has Been Introduced. Export Obligation On Import Of Spares,Moulds etc.Under EPCG Scheme Has Been Reduced By 50%
been recognized as' Towns of Export Excellence for handicrafts; Kanpur,Dewas and Ambur for leather products; and Malihabad for horticultural products.
Market Diversification
In this policy, focus is on diversification
of Indian exports to other markets, specially those located in Latin America, Africa, parts of Asia etc. 26 new countries have been included under Focus Market Scheme.
Technological Upgradation
Such initiatives include :
EPCG Scheme at zero duty has been introduced
Upaj Yojana (Special Agricultural Produce Scheme) for promoting the export of fruits, vegetables, flowers, minor forest produce, and their value added products has been introduced.
Basis Of Cut & Polished Diamonds For The Purpose Of Grading, Certifications.
RECOMMENDATIONS
More and more establishment of SEZ. Labour laws can be relaxed resulting in more
and more establishment of industries. Promotion of investment from domestic and foreign resources. Convenient trade practices. Establishment of infrastructure.
Conclusion
International Business plays a crucial role in the economic development of a nation as it leads to industrialization, employment and reduction of scarcity of consumer goods. Our share of world trade has significantly increased over the years. At present, International Business opportunity in India exists in areas like IT, Telecom, R&D, Infrastructure, Retailing, etc. Sectors like health, education, housing, water resources, SMEs are untapped and offer huge scope.
Refrences
Wisegeek.com Locateindia.com Commerce.nic.in
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