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Introduction
The foreign trade of India is guided by the Export Import policy of govt. of India. Regulated by the foreign trade development and regulatory Act 1992. Exim policy contain various policy decision with respect to import and export from the country. It is prepared and announced by the central government.
EXIM Policy is the export import policy of the government that is announced every five years. It is also known as the Foreign Trade Policy. This policy consists of general provisions regarding exports and imports, promotional measures, duty exemption schemes, export promotion schemes, special economic zone programs and other details for different sectors. Every year the government announces a supplement to this policy.
OBJECTIVES OF 2009-14
The key objective for the Foreign Trade Policy was to arrest the declining exports and reverse the trend. To double Indias exports of goods and services by 2014. To double Indias share in global merchandise trade by 2020 as long term aim of this policy. Indias share in global merchandise export was 1.45% in 2008. Simplification of the application various benefits. procedure for availing
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To in courage exports through a mix of measures including fiscal incentives, institutional charges, procedural rationalisation and efforts for enhance market access around the world and diversification of export markets.
AIMS IN GENERAL
The policy aims at developing export potential , improving export performance, boosting foreign trade and earning valuable foreign exchange.FTP assumes great significance this year as Indais export have battered by the global recession. A fall in exports have led to the closure of several small and medium-scale export oriented units, resulting in large scale unemployment.
TARGET
Export target : $ 200 billions for 2010-2011.
Export growth rate :15% for next two years and 25% there after.
In an endeavour to make India a diamond international trading hub, it is planned to establish Diamond Bourse(s).
EPCG SCHEME
Obligation under EPCG scheme relaxed.
To aid technological up gradation of export sector , EPCG scheme at Zero Duty has been introduced.
Export obligation on import of spares , mould etc. under EPCG Scheme has reduced by 50%.
VKGUY Scheme
Pharma sector included under MLFPS for countries in Africa and Latin America and some countries in Oceania and Far East.
EXIM BANK
The Export-Import Bank of India, also known as Exim Bank of India leading export finance institution in the country. The bank was set up in the year 1982 under the Export-Import Bank of India Act 1981. The bank offers wide-ranging services for enhancing the prospect of Indian project exports. It plays the role of source of financial, promoter ,coordinator & consultation of Indias Foreign Trade.