Export goods are totally exempted from central excise duty. Indian exim policy governing body The Government of India advises the Exim Policy of India for a phase of five years 1997-2002 under Section 5 of the Foreign Trade Development and Regulation Act , 1992. This has in turn af fected the level of economic growth. As the is also a source of foreign exchange, so the Government of India has given the benefit duty free import of inputs. The study further reveals that if we achieve our target of 150 dollars over the next four years, we shall be adding a further 1 crore jobs: 85% of it direct employment, and 15% indirectly associated jobs.
This policy is updated every year with some modifications and new schemes. Earlier, the option was limited to Status Holders only. Export-import policy — A review India has announced the first industrial policy in the year 1948 that emphasized on industrialization. In pre independence period, India's foreign trade was confined to exports of foodstuff and raw material to industrialized products from these countries. The specific initiatives undertaken in this Annual Supplement to the Foreign Trade Policy, 2004-09 are given in this compendium. Hence, given the argument that a country needs to export goods to earn income for the economy, would an undervalued currency be preferable over an overvalued strong one? Export and import play a significant role in the economic development of all the developed and developing economies.
To augment export by facilitating access to raw material,intermediate, components, consumables and capital goods from the international market. New incentives added in the Exim Policy have also added benefits to the exporters. They will be granted this recognition to maximize their potential, enable them to move higher in the value chain and tap new markets. Supply of gold of 0. These exports could be electronics, agricultural or services.
Priority was given to import of machinery, equipments and raw material for boosting the process of industrialization. All goods, except those coming under negative list, may be freely imported or exported. In India, globalization dates back to the ancient period in which India had trade and cultural relations with the countries such as Sri Lanka, Greece and Persia. It provides policy and strategy of the government to be followed for promoting exports and regulating imports. For example, if an exporter or importer finds out that paragraph 6. Any person may import goods, except prohibited items, arms and ammunition, hazardous waste and chemicals and warehouse them in such bonded warehouses.
If the country is an open economy with the need to import raw materials or semi-finished products for final assembly, a strong or slightly overvalued currency would reduce the cost of imports and the final price of the exported product, making it more competitive in the international market. Excise Duty Refund: - is a tax imposed by the Central Government on goods manufactured in India. Exim Policy 1992 -1997 In order to liberalize imports and boost exports, the Government of India for the first time introduced the Indian Exim Policy on April I, 1992. The Foreign Trade Policy is rooted in this belief and built around two major objectives. Customs duty as applicable shall be paid at the time of clearance.
At the same time, all-out efforts are made to promote exports. It would be advisable for an exporter to acquaint him with these institutions and the nature of help that they can provide so that he can initially contact them and have a clear picture of what help he can expect of the organized sources in his export effort. General Provisions Regarding Exports and Imports of Exim Policy 2004-2009 The Export Import Policy relating to the general provisions regarding exports and Imports is given in Chapter-2 of the Exim Policy. Singh, the then Commerce Minister and announced the Exim Policy on the 12th of April, 1985. For diversifying exports to tap unexplored markets, the focus market scheme has been expanded to include 16 new countries. India, having adoundant natural resources, can be a major player in international market by adopting conducive policy measures for promotion of foreign trade, exploring new markets for her products and services and creating world class manufacturing and trading centers.
The Foreign Trade Policy articulated two basic objectives that would enable India to achieve these goals. Handbook of International Trade in Services, Oxford University Press New York, 2008. But, what are the advantages and disadvantages of a strong currency? Such amendment shall be made by means of a published in the Gazette of India. India with its large skilled work force, growing domestic market, raw material availability and the emergence of a mature supply base is set to gain enormously from this trend since the Indian advantage goes well beyond the low wage rates. On the other side, the government had created institutional set up for promotion of exports and given support to exporters by way of fiscal incentives. Excise duty is collected at source, i. Earlier this facility was only available for supply of gold in the domestic market.
Import licenses were granted on large scale on one side and exports controls were relaxed to a grant on the other side. During post independence era, in order to accelerate the process of industrialization developmental Imports were encouraged. Free flow of resources including raw material, capital and technology not only facilitated large scale production of goods and services but also developed a global market. Develop strategic market access programmes like brand building in co-ordination with sectoral players and recognize nodal bodies of the service industry. The emphasized the importance of agricultural exports and announced measures like the setting up of agri export zones, removal of procedural restrictions and marketing cost assistance.
. Regulated by The Foreign Trade Development and Regulation Act 1992. In Indian, at present there are eight functional Special Economic Zones located at Santa Cruz Maharashtra , Cochin Kerala , Kandla and Surat Gujarat , Chennai Tamil Nadu , Visakhapatnam Andhra Pradesh , Falta West Bengal and Noida Uttar Pradesh in India. The Govt of India has liberalized the import regime from time to time. This Annual Supplement endeavors to incorporate additional policy initiatives and simplify procedures, thereby facilitating and enhancing India's international trade. Therefore, the import allocation system was so designed as to eliminate the possibility of all competition, either domestic or foreign. The new Order also prescribes a minimum value addition norm of 50% on export of all imported tea and stipulates a time period of 6 months from the date of import for the export of imported tea.
Objectives Of The Exim Policy : - Government control import of non-essential items through the. Highlights of the Exim Policy 1997-2002 1. India has been the major exporter of food stuff and raw material. Exim Policy: 2 Exim Policy The foreign trade of India is guided by the Export-Import policy of the Government of India. Opportunities and encourage the attainment of internationally accepted standards of quality. Service Export : To upgrade infrastructure in the service related companies.