BBA 3rd Year India Trade Policy Short Question Answer Paper Notes Study Material Sample papers examination papers mock papers for self-assessment solved papers Content wise Notes
(Short Answer Questions),
BBA 1st 2nd 3rd Year Study Material Notes
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Q.1. Define EXIM policy. Give its general objectives of EXIM policy.
Ans. The foreign trade of India is guided by the Export Import (EXIM) policy of the Government of India and is regulated by the Foreign Trade (Development and Regulation) Act, 1992.
EXIM Policy contains various policy decisions taken by the government in the sphere of foreign trade, i.e. with respect to imports and exports from the country and more especially export promotion measures, policies and procedures related thereto. It is prepared and announced by the Central Government (Ministry of Commerce). India’s EXIM Policy, in general aims at developing export potential, improving export performance, encouraging foreign trade and creating favourable balance of payments position.
General Objectives of the EXIM Policy : The principal objectives of the EXIM policy of India are as under:
1. To establish the framework for globalisation of India’s foreign trade.
2. To promote the productivity, modernisation and competitiveness of Indian industry and thereby to enhance its export capabilities.
3. To encourage the attainment of high and internationally accepted standards of quality and
thereby enhance the image of India’s products abroad.
4. To augment India’s exports by facilitating access to raw materials, intermediaries,
consumables and capital goods from the international markets.
5. To promote efficient and internationally competitive import substitution and self-reliance under a deregulated framework for foreign trade.
6. To eliminate or minimize quantitative licensing and other discretionary controls in the
framework of India’s foreign trade.
7, To simplify and streamline the procedures governing exports and imports.