What are the recent foreign export policy 2009 14 describe?
EOU allowed to procure finished goods for consolidation along with their manufactured goods, subject to certain safeguards. Extension of block period by one year for calculation of Net Foreign Exchange earning of EOUs kept under consideration. EOU allowed CENVAT Credit Facility.
What are the main objectives of foreign trade policy?
These objectives include:- To boost the economy and grow the EXIM process in India. To improve the balance of payment and trade. To enhance the trading activities and generate a workforce environment. To provide consumers with goods and services of utmost quality and with effective cost.
What are the objectives of the foreign trade policy of 2015-20?
The new five year Foreign Trade Policy, 2015-20 provides a framework for increasing exports of goods and services as well as generation of employment and increasing value addition in the country, in keeping with the “Make in India” vision of Prime Minister.
What are the main highlights of foreign trade policy 2020 2015?
Highlight of Foreign Trade Policy- 2015-20
- Simplification & Merger of Rewards Scheme.
- Status Holder.
- Boost to Make In India.
- Trade Facilitation and Ease of doing Business.
- Facilitating & Encouraging Export of dual use items (SCOMET)
- Facilitating & Encouraging Export of Defense Exports.
- E-commerce Exports.
What is the role of foreign trade in Indian economy?
Foreign trade has played a very important role in the development of our agriculture sector. Every year we export rice, cotton, fruits and vegetables to other countries. The export of goods makes our farmers more prosperous. It inspires the spirit of development in them.
Who makes foreign trade policy in India?
Foreign trade in India is promoted and facilitated by the Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry (MoCI). The DGFT issues the authorisation to exporters and monitors their corresponding obligations through a network of 38 regional offices.
What is the importance of trade policy?
Trade is central to ending global poverty. Countries that are open to international trade tend to grow faster, innovate, improve productivity and provide higher income and more opportunities to their people. Open trade also benefits lower-income households by offering consumers more affordable goods and services.
What is trade policy explain?
Trade policy can be defined as goals, rules, standards, and regulations that are involved in the trade between countries. These policies are particular to a specific country and are formed by its public officials.
How is foreign trade policy of any country relevant?
The Foreign Trade Policy (FTP) was introduced by the Government to grow the Indian export of goods and services, generating employment and increasing value addition in the country. The Government, through the implementation of the policy, seeks to develop the manufacturing and service sectors.
What are the salient features of foreign trade policy?
(ii) Technical know-how can be imported. (iii) Surplus production can be exported. (iv) Machinery and raw materials can be imported as and when needed. (v) Food grains and necessary help can be imported during natural calamities like earthquake, & flood etc.
Why is foreign trade important?
International trade allows countries to expand their markets and access goods and services that otherwise may not have been available domestically. As a result of international trade, the market is more competitive. This ultimately results in more competitive pricing and brings a cheaper product home to the consumer.
What are the importance of foreign trade for a developing economy?
Foreign trade enlarges the market for a country’s output. Exports may lead to increase in national output and may become an engine of growth. Expansion of a country’s foreign trade may energise an otherwise stagnant economy and may lead it onto the path of economic growth and prosperity.
What is India’s foreign trade policy 2009-14?
INDIA’S FOREIGN TRADE POLICY 2009-14 By Cybex Exim Solution Pvt Ltd. 2. INDIA’S FOREIGN TRADE POLICY 2009-14 The Union Commerce Ministry, Government of India announces the integrated Foreign Trade Policy FTP in every five year. This is also called EXIM policy. This policy is updated every year with some modifications and new schemes.
When was the Foreign Trade Policy announced?
The Foreign trade Policy which was announced on August 28, 2009 is an integrated policy for the period 2009-14. Cybex Exim Solution Pvt Ltd. • What is Foreign Trade Policy? 3.
Does foreign trade policy need amendments after five years?
After five years foreign trade policy needs amendments in general, aims at developing export potential, improving export performance, encouraging foreign trade and creating favorable balance of payments position.
When do new trade policy schemes come into effect?
New schemes come into effect on the first day of financial year i.e. April 1, every year. The Foreign trade Policy which was announced on August 28, 2009 is an integrated policy for the period 2009-14. Cybex Exim Solution Pvt Ltd.