Indian Exim Policy Enlightened

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.
Indian exim policy governing body

The Government of India advises the Exim Policy of India for a phase of five years (1997-2002) under Section 5 of the Foreign Trade (Development and Regulation Act), 1992. The current Export- Import Policy of India covers the period 2009-20014. The Exim Policy is renewed every year on the 31st of March and the revisions, improvements and new proposals and designs become effective from 1st April of every year.

All forms of updating or modifications associated to the Indian Exim Policy is normally proclaimed by the Union Minister of Commerce and Industry who synchronizes with the Ministry of Finance, the Directorate General of Foreign Trade and network of Dgft Regional Offices. However, the central government reserves the right to alter any of the sections of this new export-import policy of India in public interest. Some of the focus proposals of the policy are: To have a larger share in the global trade and produce more employment prospects, a number of focus initiatives that have been identified for diverse sectors are: agriculture, handloom, handicraft, gems and jewellery etc.