What are the objectives of foreign trade policy?
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.
Which of the following are included in Foreign Trade policy 2015 2020?
FTP 2015-20 introduces two new schemes, namely ‘Merchandise Exports from India Scheme (MEIS)’ for export of specified goods to specified markets and ‘Services Exports from India Scheme (SEIS)’ for increasing exports of notified services.
What is the export target of India’s New Foreign Trade policy 2015 to 20?
The exports of India are expected to cross USD 325 billion from USD 178 billions in the financial year 2009-10. The present new Foreign Trade Policy 2015-20 targets to earn foreign exchange of one trillion by the year 2020.
What are the objectives of India’s foreign trade policy 2015 2020?
Overall Summary: 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 our Hon’ble Prime Minister.
What is a 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.
What are the objectives of trade policy in India?
General trade policy objectives have focused on reduced protection, achieving a more outward- oriented trade regime, increased market access for exports, and greater global integration, aimed at increasing economic efficiency, competitiveness, and export-led growth.
What are the important features of latest 2015 20 EXIM policy What were the objectives of this policy?
Highlights of the Foreign Trade Policy (Exim Policy) 2015-20
Duty credit scrips to be freely transferable and usable for payment of custom duty, excise duty and service tax. Boost to “MAKE IN INDIA” Reduced Export Obligation (EO) for domestic procurement under EPCG scheme.
Which of the following highlights the objectives of export trade?
Objectives of Export Trade
Expanding the marketplace for goods by producing them on an outsized scale. Creating employment opportunities in a country by promoting export-oriented and export-related enterprises. … Promoting mutual affection and co-operation among the nations.
What is the export target of India’s new foreign trade policy?
The Commerce Ministry has fixed an ambitious export target of $400 billion for 2021-22 against $292 billion attained in 2020-21. India’s exports in April-August 2021 increased 67.33 per cent to $164.10 billion compared to the same period the previous year.
What is India’s foreign trade policy?
India’s Foreign Trade Policy also envisages helping exporters leverage benefits of GST, closely monitoring export performances, improving ease of trading across borders, increasing realization from India’s agriculture-based exports and promoting exports from MSMEs and labour intensive sectors.
Which is latest foreign trade policy?
In India, the Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry, is in the process of formulating the new Foreign Trade Policy (FTP), expected to be rolled out in April 2022 and applicable for the succeeding five years.