Foreign Trade Policy
In India, the main legislation concerning foreign trade is the Foreign Trade (Development and Regulation) Act, 1992. The Act provides for the development and regulation of foreign trade by facilitating imports into, and augmenting exports from, India and for matters connected therewith or incidental thereto. As per the provisions of the Act, the Government :- (i) may make provisions for facilitating and controlling foreign trade; (ii) may prohibit, restrict and regulate exports and imports, in all or specified cases as well as subject them to exemptions; (iii) is authorised to formulate and announce an export and import policy and also amend the same from time to time, by notification in the Official Gazette; (iv) is also authorised to appoint a 'Director General of Foreign Trade' for the purpose of the Act, including formulation and implementation of the export-import policy.

Accordingly, the Ministry of Commerce and Industry has been set up as the most important organ concerned with the promotion and regulation of foreign trade in India. In exercise of the powers conferred by the Act, the Ministry notifies a trade policy on a regular basis with certain underlined objectives. The earlier trade policies were based on the objectives of self-reliance and self-sufficiency. While, the later policies were driven by factors like export led growth, improving efficiency and competitiveness of the Indian industries, etc.The key strategies for achieving its objectives include:-

Unshackling of controls and creating an atmosphere of trust and transparency;

Simplifying procedures and bringing down transaction costs;

Neutralizing incidence of all levies on inputs used in export products;

Facilitating development of India as a global hub for manufacturing, trading and services;

Identifying and nurturing special focus areas to generate additional employment opportunities, particularly in semi-urban and rural areas;

Mr Vinod Khodaria

JX SMD LED LIGHTING (INDIA)

Director, JX SMD LED LIGHTING (INDIA)
Delhi, India

Free Member, Joined :11/16/2013
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