INDIAN ECONOMY AND POLICY

MINI PROJECT

Submitted by
Name: ARUN KUMAR
Reg No: RA1852001010037
Class & Section: I MBA –A
Topic: IMPORT EXPORT POLICY
 TABLE OF CONTENT

1. INTRODUCTION
2. EXIM POLICY
3. THE FOREIGN TRADE (DEVELOPMENT & REGULATION) ACT,
1992
3.1 SALIENT FEATURES OF THE ACT
3.2 PRESENT SCENERIO OF FOREIGN TRADE POLICY
3.3 IMPORTANCE OF FOREIGN TRADE POLICY
4. IMPORT & EXPORT LICENSING PROCEDURE IN INDIA
4.1 IMPORT POLICY
4.2 EXPORT POLICY
5. IMPORT POLICY FOLLOWED DURING DIFFERENT PERIOD
5.1 PRE – REFORM PERIOD
5.2 REFORM PERIOD
6. IMPORT OF SECOND HAND CAPITAL GOODS
7. CONCLUSION

INTRODUCTION
 Imports and exports are considered to be two important components of foreign trade.
Foreign trade refers to nothing but the exchange of the goods and services between two or more
countries, across their respective international borders. The former implies the physical movement
of the goods into a country from another country following a legal manner. The latter is concerned
with the physical movement of the goods and services out of the country in a legal manner. Thus,
both the import and export have made the world a local market.

Foreign trade or international trade is considered to be extremely important for the brand
survival as well as the growth of any country. This is because foreign trade acts as one of the
primary economic boosters for that specific entity. Not only this, foreign trade is also supposed to
cover up the need for a country for particular resources and to further get rid of the extra resources
that are abundantly available in the country.

Import export act was introduced by government during the Second World War and it lasted
for around 45 years and in June 1992 this act was superseded by the Foreign Trade (Development
& Regulation Act), 1992.

The basic objective of this new act was to give effect to the new liberalized export and import
policy of the government till 1985 annual policies were made but from 1985-92, three year policy
were made and then 5 year policy was made coinciding with 5 year plans i.e. 1992-97, 1997-02,
2002-07.

Export means trade across the political boundaries of different nation. No nation is self sufficient
and had all goods that it needs. This happens because of climatic variation & unequal distribution
of natural resources. As a result, countries all over the world have become interdependent, which
necessitated foreign trade. A developing country like India with its fast growing agricultural
production to keep pace with the population growth and growing industrial infrastructure needs
high import and this can be sustained only with fast export growth.

In India, government has come out from time to time with various policies on foreign trade to
promote export thereby increasing the “Foreign Exchange Reserve”. These policies are termed as
“EXIM Policy”.

Whether it is the optimum utilization of the resources, specialization and labor division or price
equality, quality of goods, multiple choices or the overall economic development of the country,
foreign trade has always helped in the growth of a country where a country could stand on its own
to address itself on an international platform. Exporting, importing as well as entreporting involved
in the foreign trade of any country helps to raise the standard of living of the people. These kinds
of foreign trade also help to maintain the payment solution balance of the country and make sure
that there always exists a free flow of economy.

Globalization has reached on its very summit and therefore a number of countries have introduced
their own respective foreign trade policies so as to avoid all the hassle that might occur while
trading with the foreign countries. Thus, India, like other countries of the world has its own
respective foreign policy that covers all the know-hows as well as aspects involved while dealing
with the foreign countries.

EXIM POLICY
 It contains policies in the sphere of Foreign trade i.e., with respect to import & export
from the country and more especially export promotion measures, policies and procedure
related thereto. Here are some details of some of the schemes under EXIM Policy:

a. Towns of Export Excellence - Here, towns in specific areas that produce goods
of Rs.250 crores and above in the handloom, agriculture, handicraft and fisheries sector
will be notified as Towns of Exports Excellence on the basis of their potential for
growth in exports. They will be granted this recognition to maximize their potential,
enable them to move higher in the value chain and tap new markets.

b. Target Plus - In this scheme, exporters who have attained a large increase in growth
of exports would be allowed duty free credit based on incremental exports substantially
higher than the general actual export target fixed. Rewards will be granted according to
a tiered approach. For incremental growth of over 20, 25 and 100 per cent, the duty free
credits would be 5, 10 and 15 per cent of Free on Board (FOB) value of incremental
exports.

c. Vishesh Krishi Gram Udyog Yojana - It aims to promote exports of fruits, vegetables,
flowers, fruits, and other value-added products. This year it has been expanded to
include soybean and coconut oil as well as food preparations such as soups. Plus, the
benefit of the scheme has been extended to 100 per cent export-oriented units.

Objectives of EXIM Policy:

1. Accelerating the country’s transition to a globally oriented vibrant economy with a view
to derive maximum benefits from expanding global market opportunities.
2. Stimulating sustained economic growth
3. Enhancing the technological strength and efficiency
4. Encouraging the attainment of internationally accepted standards of quality
5. Providing consumers with good quality products and services at reasonable prices.

THE FOREIGN TRADE (DEVELOPMENT AND

REGULATION) ACT, 1992
 The foreign policy of India is governed and regulated by the Foreign Trade (Development
and Regulation) Act, 1992. This Act was established on the 7th of August in the year 1992. The Act
hasn’t been originated as a separate act to regulate the foreign policy, but the same came into
existence as a replacement to the Import and Exports (Control) Act, 1947. Today, the entire
scenario of exports and imports in India is regulated and managed by the Foreign Trade
(Development and Regulation) Act, 1992. This act has eliminated all the existing nuances of the
previously introduced act and has given the Government of India some of the most enormous
powers to control it. This act is considered to be a supreme legislation in accomplishment of the
foreign trade taking place in the country. The Act has been incorporated with a major intention to
provide a proper framework as to the development as well as standardization of the foreign trade
by the way of facilitating imports and enhancing the exports in the country and all the other matters
related to the same.

Under this Act, various powers have been bestowed upon the Central Government. According to
the provisions of this act, the Central Government has all the power to make any provisions that
are related to foreign trade in order to fulfill the objectives of the act. This Act also empowers the
government to make any provisions in tandem to the formulations of import as well as export
policies governing throughout the country. The Act further provides for the appointment of the
Director General by the Central Government by notifying this appointment in the Official Gazette
for carrying out all the foreign trade policies as per the provisions provided.

Salient Features of the Act

Foreign Trade (Development and Regulation) Act, 1992 is believed to be a breakthrough in the
economic development of the country, especially in today’s world of globalization and
industrialization. The entire act has been designed in such a manner so as to run in consonance with
the current trade policies associated with the foreign countries. Thus, overall, this Act features
everything that makes the economy of the country stronger whenever the regard of foreign trade is
taken into consideration.

The following are considered to be the salient features of the act:

  The act has empowered the Central Government to make provisions for the
development as well as regulation of foreign trade by the way of facilitating imports
into as well as augmenting exports from the country and in all the other matters related
to foreign trade.
 This act authorizes the government to formulate as well as announce the export and
import policy and to also keep amending the same on a timely basis. The government
has also been given a wide power to prohibit, restrict and regulate the exports and
imports in general as well as specified cases of foreign trade.
 The act provides for certain appointments especially that of the Director-General to
advise the Central Government in formulating import and export policy and to
implement the same.
 The act commands every importer as well as exporter to obtain a code number called
the ‘Importer Exporter Code Number (IEC)’ from the Director-General or the
authorized officer.
 The act provides the balancing of all the budgetary targets in terms of imports and
exports so that the nation reaches the very peak of economic development. The principal
objectives here include the facilitation of sustain growth as to the exports of the country,
the distribution of quality goods and services to the domestic consumer at
internationally competitive prices, stimulation of sustained economic growth by
providing access to essential raw materials as well as enhancement of technological
strength and efficiency of Indian agriculture, industry as well as services and
improvement of their competitiveness to meet all kinds of requirement of the global
markets.

Present scenario of the Foreign Trade Policy

Presently, the Foreign Trade Policy of our country is in its sixth instalment of the five-year policy
that was earlier introduced in the year 1992 by the Government of India. The new foreign trade
policy of the country was announced on the 1st of April, 2015 by the Government of India, Ministry
of Commerce and Industry. This current foreign trade policy extends for the period 2015-2020.
The major aim of the current foreign trade policy introduced in the country is nothing but the
development of export potential, improvement of export performance, encouragement of foreign
trade as well as the creation of favorable balance of the position of the payment. This policy, also
known as the Export Import Policy (EXIM Policy) is updated every year on the last day of March
and all the new improvements, modifications as well as schemes so updated become effective from
the first day of April each year.

The current foreign trade policy so introduced in the country has laid down certain aims and
objectives before it. The major objectives that the current foreign trade policy of our country has
laid down are stated as under:

 The simplification as well as merger of all kinds of rewards schemes including the
Merchandise Exports from India Scheme (MEIS), Service Exports from India Scheme
(SEIS), incentives to be made available in these schemes for all the Special Economic
Zones, duty credit slips to be freely transferable and useable for the payment of various
duty and many others.
 Special boost has been given to ‘Make in India’ policy that has been launched by the
government to encourage national as well as multinational companies to manufacture
their products in India.
 The trade facilitation and ease in terms of the performance of legal business of all the
kinds.
 The introduction of various other initiatives involving new schemes that could run in
tandem with the growing needs and wants of the people at large and the increasing use
of technology as well as digitalization into these initiatives so as to reach the summit of
technical advancement.

Importance of Foreign Trade Policy

Foreign Trade policy of any country is equally important for the free flow of economy and
the overall economic development of the country. Without a proper foreign trade policy, any
country would fail to execute its import as well as export business smoothly. If there exists no
proper foreign policy in a country, the entire import-export and international business of the country
will fall down miserably and the same will surely meet a dead end. A foreign trade policy of any
country ensures a free flow of business as well as economy while transacting or trading on an
international scale. The same policy helps to maintain the free flow of economy of the country,
thereby accelerating the financial growth, facilitating a free trade and liberalization as well as
improving the overall standard of living of its people.
 IMPORT AND EXPORT LICENSING PROCEDURES
IN INDIA

IMPORT POLICY

The India Trade Classification (ITC)- Harmonized System (HS) classifies goods into three
categories:

 Restricted
 Canalized
 Prohibited

Goods not specified in the above mentioned categories can be freely imported without any
restriction, if the importer has obtained a valid IEC.

1. Licensed (Restricted) items:

Restricted items can be imported only after obtaining an import license from the
relevant regional licensing authority. The goods covered by the license shall be disposed of
in the manner specified by the license authority, which should be clearly indicated in the
license itself. An import license is valid for 24 months for capital goods, and 18 months for
all other goods.

2. Canalized items:

Canalized goods are items which may only be imported using specific procedures or
methods of transport. The list of canalized goods can be found in the ITC (HS). Goods in this
category can be imported only through canalizing agencies. The main canalized items are
currently petroleum products, bulk agricultural products, such as grains and vegetable oils, and
some pharmaceutical products.
3. Prohibited items:

These are the goods listed in ITC (HS) which are strictly prohibited on all import
channels in India. These include wild animals, tallow fat and oils of animal origin, animal
rennet, and unprocessed ivory.

EXPORT POLICY

The following is the classification of goods for export:

 Restricted
 Prohibited
 State Trading Enterprise

1. Restricted Goods:

Before exporting any restricted goods, the exporter must first obtain a license explicitly
permitting the exporter to do so. The restricted goods must be exported through a set of
procedures/conditions, which are detailed in the license.

2. Prohibited Goods:

These are the items which canned be exported at all. The vast majority of these include
wild animals, and animal articles that may vary a risk of infection.

3. State Trading Enterprise:

Certain items can be exported only through designated STEs. The export of such items
is subject to the conditions specified in the EXIM Policy.
 IMPORT POLICIES FOLLOWED DURING
DIFFERENT PERIODS

Import Policies followed during Pre-Reform Period:

The import policy of India was formulated as a part of foreign trade policy of the
country. During the post- independence period, the import policy of the country was formulated
at different times in order to attain the following requirements:

a. Limiting the volume of imports to the minimum level in order to conserve

foreign exchange,

b. Encouraging imports of those items required for industrialisation of the country

and

c. Modifying imports for exports promotion.

Thus broadly the import policy of the country during the pre-reform period has two important
constituents, i.e:
 Import restrictions and

 Import substitution.

The country formulated the import policy of the country considering its limited foreign
exchange reserve, requirements of capital goods for industrialisation and necessity for import
substitution. During the first decade of planning, the country adopted a liberal import policy
and thus suffered a serious foreign exchange crisis at the end of the Second Plan.

Considering the situation, the Government reversed its import policy and imposed heavy
restrictions on imports. In 1962, the Mudaliar Committee recommended import of raw
materials and other components for various industries in power, transport, export-oriented
industries, import substituting industries producing raw material and components etc.

After the devaluation of rupee in 1966, the import policy was liberalised for 59 priority
industries which included export industries, capital building industries and industries
producing commodities for mass consumption. Moreover, after the introduction of raw
agricultural strategy since 1966 the Government permitted import of agricultural inputs like
seed, fertilizers, pesticides etc.

Thus, with the intention of following a blending of specified import restrictions and import
substitution, during the pre-reform period, imports were divided into different categories, viz.,
consumer goods, intermediate goods and capital goods.

Each category of goods was sub-divided into non-permissible (banned), limited permissible
(with mandatory certification but with clearance from the CCI and E) automatic permissible
(without mandatory certificate but with clearance from the CCI and E) and open general license
(OGL, without certification and without clearance of the CCI and E) groups.

Accordingly, licenses for imports were categorized again based on user type like established
importer, actual user, new comer, ad hoc, export promotion scheme related and others (like
replacement license). Considering the increasing foreign exchange difficulties, more and more
items were brought under import restrictions right up to 1977-78.

However, after the devaluation of 1966, there was a brief period of pursuing policies of import
liberalisation. But after 1977-78, the Government followed a new era of import liberalisation
in the country and the same process was followed in 1980s.

The broad details of the import liberalisation measures as incorporated in export import
policies included:
i. Policy for import of capital goods,

ii. Policy for import of raw materials,

iii. Import policy for registered exporters,

iv. Policy for export trading house, and

v. Policy for import of technology.

Import Liberalisation:
Since 1977-78, the Government introduced import liberalisation Policy which was further
carried during 1980s. This was done in order to provide imported inputs to the industrial sector,
to stimulate investments, to support indigenous R&D programme, to expand export capacities,
to earn international competitiveness and to promote import substitutions and self reliance.
Exim Policy, 1990:
On April 30, 1990 the Government announced a new Import-Export Policy for a three-year
period, terminating the previous policy.

The provisions made in this new policy include the following:

(a) OGL list of imports expanded and 82 capital goods items were included;

(b) Import of certain raw materials have been canalized:

(c) Introduction of automatic licensing up to 10 per cent of the value of previous imports;

(d) Expansion of REP licensing scheme;

(e) Providing additional licenses to Export and Trading houses to import raw materials and
components;

(f) Introducing star trading houses for granting additional licenses at the rate of 15 per cent
foreign exchange earned;

(g) Introduction of Duty Exemption Scheme and Blanket advances Scheme; and

(h) Withdrawing the scheme of Import-Export Pass Book.

Import Policies followed during the Reform Period:

During the reform period (since 1991), the import policies followed in the country
experienced continuous changes in order to make the policy much more rational and open
under the globalisation regime.

Over the years, trade policy has undergone fundamental shifts to correct the earlier anti-export
bias and import restrictions through the withdrawal of quantitative restrictions (QRs), reduction
and rationalisation of tariffs, liberalisation in trade and payments regime and improved access
to export incentives by providing duty free import to meet essential requirements, besides a
realistic and market based on exchange Import licensing requirements

In the last decade, India has steadily replaced licensing and discretionary controls over imports
with deregulation and simpler import procedures. Most of import items fall within the scope of
India’s EXIM Policy regulation of Open General License (OGL). This means that they are
deemed to be freely importable without restrictions and without a license, except to the extent
that they are regulated by the provisions of the Policy or any other law.

Imports of items not covered by OGL are regulated and fall into three categories: banned or
prohibited items, restricted items requiring an import license, and "canalized" items importable
only by government trading monopolies and subject to Cabinet approval regarding timing and
quantity.

The following are designated import certificate issuing authorities (ICIA):

 The Department of Electronics for the import of computer and computer related
systems
 The Department of Industrial Policy and Promotion for organized sector firms except
for import of computers and computer-based systems
 The Ministry of Defense for defense related items
 The Director General of Foreign Trade for small-scale industries not covered in the
foregoing.

Capital goods can be imported with a license under the Export Promotion Capital Goods plan
(EPCG) at reduced rates of duty, subject to the fulfillment of a time-bound export obligation.
The EPGC plan now applies to all industry sectors. It is also applicable to all capital goods
without any threshold limits, on payment of a five percent customs duty.

A duty exemption plan is also offered under which imports of raw materials, intermediates,
components, consumables, parts, accessories and packing materials required for direct use in
products to be exported may be permitted free of duty under various categories of licenses. For
the actual user, a non-transferable advance license is one such license. For those who do not
wish to go through the advance-licensing route, a post-export duty-free replenishment
certificate is available.

Advance License

An advance license is issued to allow duty free import of inputs, which are physically
incorporated in the export product (making normal allowance for wastage). In addition, fuel,
oil, energy, catalysts etc. that are consumed during their use to obtain the export product, may
also be allowed under the plan.

Duty free import of mandatory spares up to 10 percent of the CIF value of the license, which
are required to be exported/ supplied with the resultant product, may also be allowed under
Advance License.

Advance license can be issued for:

Physical exports

An advance license may be issued for physical exports to a manufacturer exporter or merchant
exporter tied to supporting manufacturer(s) for import of inputs required for the export product.

Intermediate supplies

An advance license may be issued for intermediate supply to a manufacturer- exporter for the
import of inputs required in the manufacture of goods to be supplied to the ultimate
exporter/deemed exporter holding another Advance License.
Deemed exports

An advance license can be issued for deemed exports to the main contractor for import of inputs
required in the manufacture of goods to be supplied to the categories mentioned in paragraph
8.2 (b), (c), (d), (e), (f), (g), (i), and (j) of the Policy. An advance license for deemed exports
can also be availed by the sub-contractor of the main contractor to such project provided the
name of the sub-contractor(s) appears in the main contract. Such license for deemed export can
also be issued for supplies made to United Nations Organizations or under the Aid Program of
the United Nations or other multilateral agencies and paid for in foreign exchange.

Import Declaration

Importers are required to furnish an import declaration in the prescribed bill of entry format,
disclosing full details of the value of imported goods.

Import Licenses (if applicable)

All import documents must be accompanied by any import licenses. This will enable the
customs to clear the documents and allow the import without delay.

Ex-factory invoice, freight and insurance certificates

These must be attached so that the customs can verify the price and decide on the classification
under which the import tariff can be calculated.

Letter of Credit (L/C)

All importers must accompany a copy of the L/C to ensure that payment for the import is made.
Normally this document is counter-checked with the issuing bank so that outflow of foreign
exchange is checked.

Not all consignments are inspected prior to clearance, and inspection may be dispensed with
for reputable importers. In the current customs set-up, an appointment with the clearing agents
for clearance purposes will avoid delays. In general, documentation requirements, including
ex-factory bills of sale, are extensive and delays are frequent.
Clearance delays cost time and money, including additional detention and demurrage charges,
making it more expensive to operate and invest in India. For delayed clearances, importers seek
release of shipments against a performance bond; furnishing a bank guarantee for this purpose
is a more expensive proposition. Customs have recently extended operations to 24 hours a day
to ensure timely clearance of export cargo rate.

Thus the quantitative restrictions were dismantled on imports and the peak rate of customs duty
on imports has also been slashed considerably to 10 per cent. The new trade policy, 2004-09
makes provisions for duty free import of capital goods for agricultural sectors under Export
Promotion Capital Goods (EPCG) scheme in its special focus initiatives.

Again, import of machinery and equipments for Effluent Treatment Plants for leather industry
were also exempted from customs duty. Again under the new Foreign Trade Policy, 2009-14,
additional items were allowed within the existing duty free imports entitlements for some
employment oriented sectors like sports goods,leather garments, footwear and textile stems.

Again, the annual Foreign Trade Policy, 2013-14 announced that the EPCG scheme, which
allows exporters to import capital goods at zero duty, would be extended beyond March, 2013
and would be applicable to all sectors. Thus in this way, the import policies formulated in the
country during the reform period has been continuously changed in order to make it adaptive
and much more industry friendly.
 IMPORT OF SECOND HAND CAPITAL GOODS

Import of second hand goods which are not more than 10 years old shall be allowed
freely. However, the same shall not be transferred, sold or otherwise disposed off within a
period of two years from the date of import, except with the prior permission of DGFT.

Further, Second Hand Capital Goods including refurbished/reconditioned spares are freely
permitted. But other Second Hand Capital Goods are restricted. Import of Second Hand PC,
laptop, air conditioner, DG set, photocopier will require authorization. Import of re-
manufactured goods will also require authorization.

After due consideration of the suggestions and concerns put forth the Board has decided to
issue the following guidelines for valuation of imports of second hand machinery:

 Where used second hand machinery is sold for export to India and the sale meets all of
the requirements set out in Customs Valuation (Determination of Value of Imported
Goods) Rules 2007, the price paid or payable for the goods is to be used as the basis for
determining the assessable value.

However, it is frequently the case that as part of an arrangement, separate from the contract of
sale, the second hand machineries are reconditioned, refurbished, modernized, or otherwise
improved prior to their importation into India. In such situations,
 There is a change in the condition of the goods brought about prior to their importation.
Similarly, other costs such pre-shipment inspection, dismantling and crating charges
may be incurred by the buyer after the sale of the goods.

Costs of all such elements need to be determined for the purpose of arriving at the value under
section 14 of the Customs Act. Thus, there may be instances where the requirements of Rule 3
of the Valuation Rules are not met, in which case, the value for imposition of duty must be
determined under one of the subsequent methods of valuation applied in sequential order.

In view of the nature of goods, there may be certain difficulties in applying Rule 4 or 5 of the
CVR, 2007. These difficulties arise from the fact that the goods being valued are used second
hand machinery, and it may be difficult to find data relating to sales of such goods to India,
which could be considered identical or similar and meet all the requirements of Rule 4 and 5
of the CVR, 2007.

Similarly, application of Rule 7 of CVR, 2007 where under goods being appraised are valued
on the basis of subsequent sales of identical or similar goods in India, may also not be possible
because the goods being appraised are imported for use rather than for resale. The difficulty of
finding such sales of goods which could be considered identical or similar to the goods being
appraised, may preclude the application of this method.

Under Rule 8 of the CVR, 2007, goods are valued using the computed value method which is
based, among other things on the cost of production of the goods being appraised plus an
amount for profit and general expenses. However, since used capital goods are not
manufactured as such, viz, as old and used machinery, it is not possible to calculate assessable
value based upon the cost of production.

It follows that in cases where used capital goods cannot be appraised under Rule 3, and where
there may be difficulty in applying Rules 4 to 8 of the CVR, 2007, the proper officer may be
required to apply the residual method under Rule 9 so as to factor condition, depreciation,
refurbishment, charges of disassembly & packing and any expenses incurred by way of pre-
shipment inspection agency charges etc

Given the nature of challenges in computing the value of second hand machinery under Rule
9, and the need to ensure that the approach applied reflects commercial reality and results in a
value which is fair, and is arrived through uniform processes by all custom houses, it is felt that
it is necessary to obtain inspection I appraisement reports from qualified neutral parties.
For this purpose, the Board has decided that Inspection I Appraisement Reports issued by
Chartered Engineers, or their equivalent, based in the country of sale of the second hand
machinery shall be accepted by all Custom Houses. For the purposes of uniformity, the format
in which inspection/appraisement reports shall be prepared by the Chartered Engineer is
annexed to this circular. In the event that an importer does not produce an
inspection/appraisement report in the prescribed format from the country of sale, he shall be
free to engage the services of inspection agencies notified as per HBoP 2015-20. In case the
agencies notified in the HBoP not being at the port of import, the importers will be free to select
any Chartered Engineer from those empaneled by the Custom House of the port of import.
No Custom House shall require any importer to have an inspection I appraisement report of
second hand machinery from a particular Chartered Engineer. The importer shall be free to
select any chartered engineer, empanelled by the Custom House for the respective class of
goods, if so required.

CONCLUSION
After the implementation of foreign trade policy in India, the import as well as export among
the foreign countries, have increased and the same has become very safe and secure to perform.
Setting up of different plans/policies such as SEZ and EPZ by the Foreign Trade Policy of India
has increased the number of foreign investors in the country. Trading Housing has given a
platform to both, the consumers as well as the manufacturers and thus the same has entertained
an easy practice of trade in between different countries. Furthermore, the simplification of
procedures, as well as the idea of incentives provided to the exporters and importers involved
in the foreign trade, has acted in a fair way for the traders and there is still a wide scope of
improvement in the same.

Thus, the introduction of Foreign Trade (Development and Regulation) Act, 1992 in India has
made the industrialization more liberal and the same has been proven to be highly beneficial
for all the traders as well as consumers in the coming ages.