Import Export Policy of India

4698 Words Mar 9th, 2008 19 Pages
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EXPORT-IMPORT MANAGEMENT

EXPORT - IMPORT POLICY OF INDIA

Abhijeet Bansode.

PREAMBLE
CONTEXT
For India to become a major player in world trade, an all encompassing, and comprehensive view needs to be taken for the overall development of the country's foreign trade. While increase in exports is of vital importance, we have also to facilitate those imports which are required to stimulate our economy. Coherence and consistency among trade and other economic policies is important for maximizing the contribution of such policies to development. Thus, while incorporating the existing practice of enunciating an annual Exim Policy, it is necessary to go much beyond and take an integrated approach to the developmental
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Licences, certificates and permissions issued before the commencement of this Policy shall continue to be valid for the purpose and duration for which such licence, certificate or permission was issued unless otherwise stipulated.

THRUST SECTORS
With a view to doubling our percentage share of global trade within 5 years and expanding employment opportunities, especially in semi urban and rural areas, certain special focus initiatives have been identified in various sectors.

Agriculture: This is the most important area. A special agricultural produce scheme called the Vishesh Krishi Upaj Yojna was set up as an initiative to promote exports in this sector.

VISHESH KRISHI UPAJ YOJANA (SPECIAL AGRICULTURAL PRODUCE SCHEME)

Objective
The objective of the scheme is to promote export of fruits, vegetables, flowers, minor forest produce, and their value added products, by incentivising exporters of such products.

Entitlement
Exporters of such products shall be entitled for duty credit scrip equivalent to 5% of the FOB value of exports for each licencing year commencing from 1st April, 2004 . The scrip and the items imported against it would be freely transferable.

Imports allowed
The Duty Credit may be used for import of inputs or goods including capital goods, as may be notified, provided the same is freely importable under ITC (HS). Imports from a port other than the port of export shall be allowed under TRA facility as per the terms and conditions of the

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