Indian Exim Policy
The Ministry of Commerce and Industry, Government of India, pronounces the Indian exim policy or Export-Import of India. This is an attempt towards the support of foreign trade and creation of a approving Balance of Payments. The new EXIM policy of India, renewed yearly on 31st of March, is pursued from 1st April. Exim policy of India is also known as Foreign Trade Policy, in general, it plans at increasing export prospective, improving export routine, encouraging foreign trade and creating constructive balance of payments position.
Some of the principal highlights of the new exim policy of india are:
• Expansion of the DEPB scheme till May, the next year.
• Refunding of service tax on utmost services
• Expanding Income tax benefit for EOUs.
• Expansion of FMS coverage and addition of ten more countries including Mongolia, Croatia, Ghana, Colombia, Albania, etc.
• Beginning of split-up facility
• Payment of expurgate duty by export leaning units on monthly basis rather than consignment basis.
History of export-import policy of India
In the year 1962, the Government of India selected a special Exim Policy Committee to review the government preceding policies of export import (Indian Exim policy). The committee was afterward permitted by the Government of India. Mr. V. P. Singh, the then Commerce Minister and pronounced the new Exim Policy of India on the 12th of April, 1985. Primarily the Export-Import Policy of India was launched for the period of three years with main intention to boost the export business in India.
Documents in Indian Exim policy
The description of exim policy of India is given in following documents:
• Interim New Exim Policy 2009 – 2010
• Exim Policy: 2004- 2009
• Handbook of Procedures Volume I
• Handbook of Procedures Volume II
• ITC(HS) Classification of Export- Import Items
New Exim policy of India objectives:
With the help of exim policy of India, the government looks after controlling the import of unnecessary items. Hence these objectives can be summarized as follows:
To hasten the economy from low level of economic behavior to high level of economic activities by making it a worldwide oriented vivacious economy and to receive utmost benefits from escalating global market opportunities.
To arouse constant economic growth by providing access to necessary raw materials, intermediates, components, consumables and capital goods mandatory for enlarging production.
To augment the techno local strength and effectiveness of Indian agriculture, industry and services, thus, improving their competitiveness.
To produce new services, opportunities and support the accomplishment of internationally accepted standards of quality.
To offer worth consumer products at rational prices.