What is foreign trade policy of India?
India’s Foreign Trade Policy (FTP) provides the basic framework of policy and strategy for promoting exports and trade. The current Foreign Trade Policy (2015-20) focusses on improving India’s market share in existing markets and products as well as exploring new products and new markets.
What is foreign trade policy?
Foreign Trade Policy is a set of guidelines and instructions established by the DGFT in matters related to the import and export of goods in India. The Government of India, Ministry of Commerce and Industry announces Export Import Policy every five years.
Who makes foreign trade policy in India?
EXIM OVERVIEW 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 role of foreign trade in India?
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. Import of consumer goods: India and Pakistan import various consumer goods from other countries, which are not produced inside the country.
What are the objectives of foreign trade policy of India?
ADVERTISEMENTS: 1) To double the percentage share of global merchandise trade within the next five years. 2) To act as an effective instrument of economic growth by giving a thrust to employment generation.
Why do nations restrict international trade?
Trade restrictions are typically undertaken in an effort to protect companies and workers in the home economy from competition by foreign firms. A protectionist policy is one in which a country restricts the importation of goods and services produced in foreign countries.
What are the objectives of India’s foreign trade policy?
Why is foreign trade policy important?
Foreign trade policy also enables a nation to import certain products at the time of a natural calamity and therefore manage scarcity when demand is high by proving better quality and quantity of goods. It also assists in raising the standard of living and making commodities available at a lower cost.
What are the objectives of foreign trade policy of government of India?
What is the foreign trade policy of India?
India’s Foreign Trade Policy (FTP) provides the basic framework of policy and strategy for promoting exports and trade. It is periodically reviewed to adapt to the changing domestic and international scenario.
What is the function of Department of Foreign Trade Policy?
The Department devises commodity and country-specific strategy in the medium term and strategic plan/vision and India’s Foreign Trade Policy in the long run. India’s Foreign Trade Policy (FTP) provides the basic framework of policy and strategy for promoting exports and trade.
What is India’s Exim Policy?
For the successful economic development of a country, a vigorous foreign trade policy is of great importance. Therefore, India adopted a foreign trade policy known as the EXIM Policy or the Export-Import policy. Try our all-in-one Legal Practice Management Software Free Sign Up Now!
Why was it necessary for India to impose restrictions on trade?
Therefore, later, it was necessary for India to impose a restriction on its economy through trade policies to regulate import and export. Trade enables economic growth and national development. The main aim is not the mere earning of foreign exchange, but encouraging greater economic activity.