Import Export Policy of India
Project on
EXPORT-IMPORT MANAGEMENT
EXPORT - IMPORT POLICY OF INDIA
Abhijeet Bansode.
PREAMBLE
CONTEXT
For India to become a major player in world trade, an all encompassing, and comprehensive view needs to be taken for the overall development of the country's foreign trade. While increase in exports is of vital importance, we have also to facilitate those imports which are required to stimulate our economy. Coherence and consistency among trade and other economic policies is important for maximizing the contribution of such policies to development. Thus, while incorporating the existing practice of enunciating an annual Exim Policy, it is necessary to go much beyond and take an integrated approach to the developmental requirements of India's foreign trade. This is the context of the new Foreign Trade Policy.
OBJECTIVES
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. The Foreign Trade Policy is rooted in this belief and built around two major objectives. These are:
1. To double the percentage share of global merchandise trade within the next five years.
The trade (i.e. Exports less imports) as per 1.09.2004 was $ 60 US while during 31.03.2009; it is expected to grow to $ 120 US.
2. To act as an effective instrument of economic growth by giving a thrust to employment generation.
During the period between the years 2004 and 2005, employment generation was 10 lacs jobs which rose to 20 lacs in the years 2006-2007. In the year 2009 it is expected to be 50 lacs.
STRATEGY
These objectives are proposed to be achieved by adopting, among others, the following strategies:
1. Unshackling of controls and creating an atmosphere of trust and transparency to unleash the innate entrepreneurship of our businessmen, industrialists and traders.
2. Simplifying procedures and bringing down transaction costs.
3.
EXPORT-IMPORT MANAGEMENT
EXPORT - IMPORT POLICY OF INDIA
Abhijeet Bansode.
PREAMBLE
CONTEXT
For India to become a major player in world trade, an all encompassing, and comprehensive view needs to be taken for the overall development of the country's foreign trade. While increase in exports is of vital importance, we have also to facilitate those imports which are required to stimulate our economy. Coherence and consistency among trade and other economic policies is important for maximizing the contribution of such policies to development. Thus, while incorporating the existing practice of enunciating an annual Exim Policy, it is necessary to go much beyond and take an integrated approach to the developmental requirements of India's foreign trade. This is the context of the new Foreign Trade Policy.
OBJECTIVES
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. The Foreign Trade Policy is rooted in this belief and built around two major objectives. These are:
1. To double the percentage share of global merchandise trade within the next five years.
The trade (i.e. Exports less imports) as per 1.09.2004 was $ 60 US while during 31.03.2009; it is expected to grow to $ 120 US.
2. To act as an effective instrument of economic growth by giving a thrust to employment generation.
During the period between the years 2004 and 2005, employment generation was 10 lacs jobs which rose to 20 lacs in the years 2006-2007. In the year 2009 it is expected to be 50 lacs.
STRATEGY
These objectives are proposed to be achieved by adopting, among others, the following strategies:
1. Unshackling of controls and creating an atmosphere of trust and transparency to unleash the innate entrepreneurship of our businessmen, industrialists and traders.
2. Simplifying procedures and bringing down transaction costs.
3.