As per the provisions of the Foreign
Trade (Development and Regulation) Act, the Government of India
formulates and announces an Export and Import policy (EXIM policy) and
amends it from time to time.
EXIM policy refers to the policy measures adopted by
a country with reference to its exports and imports. Such a policy become
particularly important in a country like India, where the import and export
of items plays a crucial role not just in balancing budgetary targets, but
also in the over all economic development of the country. The principal
objectives of the policy are:-
- To facilitate sustained growth in exports of the
country so as to achieve larger percentage share in the global merchandise
trade.
- To provide domestic consumers with good quality
goods and services at internationally competitive prices as well as
creating a level playing field for the domestic producers.
- 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
competitiveness to meet the requirements of the global markets.
- To generate new employment opportunities and to
encourage the attainment of internationally accepted standards of quality.
With economic reforms, the EXIM policy
of the country has aimed at liberalising the foreign trade through a continuous
process of removing restrictions on imports, providing an export friendly
environment and simplifying the trade procedures. Over the years, measures
have been taken to facilitate input availability and technological upgradation
as well as promoting exports through multilateral and bilateral initiatives
and identification of thrust and focus areas. The latest EXIM
policy of 2002-07, covering the Tenth
Five Year Plan Period (2002-2007) was another step in this direction.
The policy carries a number of measures to achieve the target of raising
India's share in global trade to 1% by 2007. This requires, increasing
exports from $46 billion to over $80 billion over the Tenth Five Year
Plan period.
^ Top |
