Indian trade policy aims to (1) promote trade with other countries, (2) expand exports of specific products, and (3) regulate imports to protect domestic industries. It has gone through several phases since 1951, with the current phase since 2002 liberalizing trade. India's major exports are manufactured goods and agriculture, while fuel makes up the largest import category. To address its trade deficit, India has employed import substitution, export promotion strategies like export zones, and autonomous bodies to develop exports.
Indian trade policy aims to (1) promote trade with other countries, (2) expand exports of specific products, and (3) regulate imports to protect domestic industries. It has gone through several phases since 1951, with the current phase since 2002 liberalizing trade. India's major exports are manufactured goods and agriculture, while fuel makes up the largest import category. To address its trade deficit, India has employed import substitution, export promotion strategies like export zones, and autonomous bodies to develop exports.
Indian trade policy aims to (1) promote trade with other countries, (2) expand exports of specific products, and (3) regulate imports to protect domestic industries. It has gone through several phases since 1951, with the current phase since 2002 liberalizing trade. India's major exports are manufactured goods and agriculture, while fuel makes up the largest import category. To address its trade deficit, India has employed import substitution, export promotion strategies like export zones, and autonomous bodies to develop exports.
Indian trade policy aims to (1) promote trade with other countries, (2) expand exports of specific products, and (3) regulate imports to protect domestic industries. It has gone through several phases since 1951, with the current phase since 2002 liberalizing trade. India's major exports are manufactured goods and agriculture, while fuel makes up the largest import category. To address its trade deficit, India has employed import substitution, export promotion strategies like export zones, and autonomous bodies to develop exports.
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INDIAN TRADE POLICY
SUBMITTED TO: SUBMITTED BY:
Mr. SATYVEER SINGH MEENA VIVEKKUMAR AGHERA ASSISTANT PROFESSOR BATCH:2017-19 IABM IABM BIKANER BIKANER Flow of presentation
•What is trade? •What is policy?
•Major objective of trade policy
•Phases of India’s trade policy
•Composition of export and import
•Measures to correct deficit in Balance of Trade •Autonomous Bodies for Export Promotions What is trade? involves the transfer of goods or services from one person or entity to another, often in exchange for money
What is policy? • A policy is a deliberate system of principles to guide
decisions and achieve rational outcomes.
Major Objectives of Trade Policy To appreciate trade with other countries.
To defend regional market existing in the country.
Toexpand the export of specific product as this
would facilitate in growing regional market.
To preclude the imports of specific goods for
giving safety to developing key industry or newborn industries etc. To promote the imports of capital goods for accelerating the economic development of the country.
To hold and reverse the imports of goods which
encourage unfavorable balance of payments.
To manage the export or import of goods and services
for attaining the preferred rate of exchange.
To inscribe into trade settlement with foreign countries
for steadying the global trade. Phases of India’s Trade Policy
Stage I : 1951-52 to 1975-76
Stage II : 1976-1977 to 1979-80
Stage II : 1976-1977 to 1979-80
Stage IV 1991-92 to 2001-02
Stage V : 2002-03 till date
EXIM Policy Export-Import (EXIM) Policy frames rules and regulations for exports and imports of a country. This policy is also known as Foreign Trade Policy. To facilitate sustained growth in exports to attain a share of at least 1 % of global merchandise trade. To stimulate sustained economic growth by providing access to essential raw materials, intermediates, components, consumables and capital goods required for augmenting production and providing services. To enhance the technological strength and efficiency of Indian agriculture, industry and services, thereby improving their competitive strength while generating new employment opportunities, and to encourage the attainment of internationally accepted standards of quality. Composition of Exports
1%
10%
17% 4%
Agriculture and allied products
Ores and minerals(excluding coal) Manufactured Goods Crude and petroleum products (including coal) Other and unclassified items 68% Composition of Imports
S Commodity Year . Group 2010- N 11 Composition of Imports o 1 Food and 2.9 allied 3% Food and allied products products 2 Fuel 31.3 Fuel 32% 3 Fertilisers 1.9 Fertilisers 4 Paper Board, 0.6 49% Paper Board manufacture and Capital Goods newsprint Others 5 Capital 13.1 2% 13% 1% Goods 6 Others 47.7 Total 100.0 Measures to correct deficit in Balance of Trade
Import •Licensing of Imports Substitution •Tariff Restrictions and •Quantitative Restrictions Restriction
Export •Setting up Export processing Zones
•Devaluation of currency in 1991
Promotion •Income tax concessions to exporters •Setting up EXIM Bank Autonomous Bodies for Export Promotions Indian Institute of Foreign Trade (IIFT) New Delhi Indian Institute of Packaging (IIP) Mumbai Agriculture & Works Food Products Export Development Authority (APEDA) Marine Products Export Development Authority (MPEDA) Federation of Indian Export Organizations (FIEO), New Delhi Indian Councils of Arbitration (ICA) New Delhi Trade Development Authority (TDA) Natural Centre for Trade Information (NCTI) THANK YOU
