This site provides comprehensive information on Foreign Trade Policy of India. The site also focuses on India's achievements as a result of its well designed Foreign Trade Policy.
To become a major player in world trade, a comprehensive approach needs to be taken through the Foreign Trade Policy of India . Increment of exports is of utmost importance, India will have to facilitate imports which, are required for the growth Indian economy. Rationality and consistency among trade and other economic policies is important for maximizing the contribution of such policies to development. Thus, while incorporating the new Foreign Trade Policy of India, the past policies should also be integrated to allow developmental scope of India’s foreign trade. This is the main mantra of the Foreign Trade Policy of India.
Objectives of the Foreign Trade Policy of India
Trade propels 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 of India is based on two major objectives, they are
· To double the percentage share of global merchandise trade within the next five years.
· To act as an effective instrument of economic growth by giving a thrust to employment generation.
Strategy of Foreign Trade Policy of India
Removing government controls and creating an atmosphere of trust and transparency to promote entrepreneurship, industrialization and trades.
· Simplification of commercial and legal procedures and bringing down transaction costs.
· Simplification of levies and duties on inputs used in export products.
· Facilitating development of India as a global hub for manufacturing, trading and services.
· Generating additional employment opportunities, particularly in semi-urban and rural areas, and developing a series of ‘Initiatives’ for each of these sectors.
· Facilitating technological and infrastructural upgradation of all the sectors of the Indian economy, especially through imports and thereby increasing value addition and productivity, while attaining global standards of quality.
· Neutralizing inverted duty structures and ensuring that India's domestic sectors are not disadvantaged in the free Trade Agreements / Regional Trade Agreements / Preferential Trade Agreements that India enters into in order to enhance exports.
· Upgradation of infrastructural network, both physical and virtual, related to the entire Foreign Trade chain, to global standards.
· Revitalizing the Board of Trade by redefining its role, giving it due recognition and inducting foreign trade experts while drafting Trade Policy.
· Involving Indian Embassies as an important member of export strategy and linking all commercial houses at international locations through an electronic platform for real time trade intelligence, inquiry and information dissemination.
Partnership
Foreign Trade Policy of India foresees merchant exporters and manufacturer exporters, business and industry as partners of Government in the achievement of its stated objectives and goals.
Foreign Trade Policy of India foresees merchant exporters and manufacturer exporters, business and industry as partners of Government in the achievement of its stated objectives and goals.
Road ahead of Indian foreign trade policy
This Foreign Trade Policy of India is a stepping stone for the development of India’s foreign trade. It contains the basic principles and points the direction in which it propose to go. A trade policy cannot be fully comprehensive in all its details it would naturally require modification from time to time with changing dynamics of international trade.