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EXIM Policy of India

Introduction:

Export Import Policy, or Exim Policy, is a collection of guidelines and instructions

governing the import and export of products. Section 5 of the Foreign Trade
(Development and Regulation Act) of 1992 gives the Indian government the
authority to announce its Exim Policy for five years.

Each year on March 31, import and export policies in India have amendments,
enhancements, and new programs take effect on April 1. In collaboration with the
Directorate General of Foreign Trade, the Ministry of Finance, and its network of
regional offices, the Union Minister of Commerce and Industry announces any
changes or amendments to the Exim Policy.

Meaning:

India’s Export Import Policy, also known as the foreign trade policy, aims to
boost export performance, promote foreign trade, and maintain a favourable
balance of payments.

Objectives of the Exim Policy

• To increase India’s export and import growth.

• To stimulate long-term economic growth by increasing access to
intermediates, components, consumables, essential raw materials, and
capital goods.
• To improve the competitiveness of the agriculture industry and services,
create new employment opportunities and encourage the attainment of
internationally accepted quality standards.
DR. RAGHAVENDRA HAJGOLKAR 1
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• To supply high-quality services and goods at an affordable cost.

Role of EXIM Policy in Economic Development

• Economic development
• Foreign exchange earning
• Market expansion
• Increase in investment
• Increase in national income
• Decrease in unemployment
• Price stability
• Remove monopolies
• Beneficial for world peace
• Competition with foreign producers

Conclusion:

India’s Export Import Policy, also known as the foreign trade policy, aims to
boost export performance, promote foreign trade, and maintain a favourable
balance of payments. Exports and imports from India and policies and
procedures for export promotion are part of the Indian EXIM Policy, a collection
of various government decisions in foreign trade. The central government
prepares and announces trade policy.

DR. RAGHAVENDRA HAJGOLKAR 2