BBA 3rd Year India Trade Policy Long Question Answer Paper Study Notes Study Material Notes 3 mock papers for self-assessment Unit-wise Question with Answers Content Wise Notes Book Code-604
BBA 3rd Year India Trade Policy Long Question Answer Paper Study Notes
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(Long Answer Questions),
Q.1. Define foreign trade policy. Discuss foreign trade policy. Discuss objectives and strategy for implementation of Foreign trade policy.
Or Describe the main features of Foreign 1 ibe the main features of Foreign Trade Policy (2009-2014) of India. (2014, 15)
Ans. The Ministry of Commerce, Government of India, formulates the foreign trade policy sexton After every five years the Government
in terms of section 5 of the Foreign Trade (Development and Regulation) Act, 1992. – have years the Government of India announces the foreign trade policy in the month of August and the policy comes into force on 1st September the policy comes into force on 1st September. The last foreign trade policy was announced by the Government of India on 31st August 2004 for five years, that is for the period 2004-2009. The came into force on 14 September 2004 and continued till 31st March 2009. The present foreign trade policy 2009-2014 has also been announced. The policy came into force on 1st September 2009 and would continue till 31 st March 2014. It covers both the trade in merchandise and services.
Objectives of Foreign Trade Policy study Notes
There is not an end in itself, but a means to economic growth and national development. The primary purpose is not the mere earning of foreign exchange, but the stimulation of greater economic activity. The foreign trade policy is rooted in this belief and built around two major objectives. These are:
1. To double India’s 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.
Strategy for Implementation of Foreign Trade Policy Notes
These objectives are proposed to be achieved by adopting, among other, the following strategies:
1. Unshackling of controls and creating an atmosphere of trust and transparency to unleash
the innate entrepreneurship of our businessmen, industrialists and traders.
2. Simplifying procedures and bringing down transaction costs.
3. Neutralising incidence of all levies and duties on inputs used in export products, based on
the fundamental principle that duties and levies should not be exported.
4. Facilitating development of India as a global hub for manufacturing, trading and services.
5. Identifying and nurturing special focus areas which generate additional employment
opportunities, particularly in semi-urban and rural areas and developing a series of ‘Initiatives’ for each of these.
6. Facilities technological and infrastructural upgradation of all the sectors of the Indian economy, especially through import of capital goods and equipment, thereby increasing value addition and productivity, while attaining internationally accepted standards of quality.
7. Avoiding inverted duty structures and ensuring that our domestic sectors are not disadvantaged in the Free Trade Agreements/Regional Trade Agreement/Preferential
Trade Agreements that we enter into in order to enhance our exports. 8. Upgrading our infrastructural network, both physical virtual, related to the entire foreign trade chain, to international standards.
9. Revitalising the board of trade by redefining its role, giving it due recognition and inducting experts on trade policy.
10. Activating our embassies as key players in our export strategy and linking our commercial wings abroad through an electronic platform for real time trade intelligence and enquiry dissemination.