indian foreign trade policy
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INDIAN FOREIGN TRADE POLICY
Paving the way for a Developed Economy
GROUP
MEM
BER
S
GROUP MEMBERSGROUP MEMBERS
Manisha GorakshaManisha Goraksha
Kalpana ManeKalpana Mane
Vasudha JadhavVasudha Jadhav
Sushil SinghSushil Singh
Michelle RodriguesMichelle Rodrigues
Gopal PuriGopal Puri
Ameya YadavAmeya Yadav
Vikrant RaneVikrant Rane
INTR
ODUCTIO
N- EXIM
POLICY
INTRODUCTIONThe Government of India, The Ministry of Commerce and Industry announces Export Import Policy after every five years.EXIM policy, in general, aims at developing export potential, improving export performance, encouraging foreign trade and creating favorable balance of payments position. The current Exim Policy covers the period 2004-2009. Two major objectives were indicated, namely (a) to double our percentage of global merchandise trade within 5 years, and (b) to use trade expansion as an effective instrument of economic growth and employment generation.
CONTD
……
In 2004, India’s exports stood at a little over US $ 63 billion. In 2007-08, they have exceeded US $ 155 billion; the exports are not just double what they were 4 years ago, but 2½ times more. The total merchandise trade of India this year ie. Exports and Imports together accounted for 1.5% of the world trade.The total trade in goods and services is now equivalent to almost 50% of India’s GDP. This is unprecedented in India’s modern economic history.On the issue of employment, it is estimated that during the last 4 years, increased trade activity has created 136 lakh new jobs.
STRATEG
IES
The Principle Strategies of India’s EXIM Policy are:To strengthen the base export production by facilitating access to raw materials, components, capital goods Etc. from the international marketTo place special emphasis on exports to generate high net foreign exchange To simplify and streamline procedures for import licensing and export promotion.To facilitate technological up gradation & modernization of export based industries To promote import substitution and self reliance To provide export incentives so as to encourage the exporter
SPECIALFOCUS
INITIATIVES
Certain Special focus initiatives have been identified for the following sectors :
AGRICULTURE - A new scheme called the Vishesh Krishi Upaj Yojana (Special Agricultural Produce Scheme) for promoting the export of fruits, vegetables, flowers, minor forest produce, and their value added products has been introduced.
HANDLOOMS - Duty free import entitlement of specified trimmings and embellishments shall be 5% of FOB value of exports during the previous financial year.
HANDICRAFTS - Duty free import entitlement of trimmings and embellishments shall be 5% of the FOB value of exports during the previous financial year.
CONTD
……
GEMS AND JEWELLERY - Duty free import entitlement of consumables for metals other than Gold, Platinum shall be 2% of FOB value of exports during the previous financial year.
LEATHER AND FOOTWEAR - Duty free import entitlement of specified items shall be 5% of FOB value of exports during the preceding financial year.
MARINE SECTOR - Duty free import of specified specialised inputs / chemicals and flavouring oils is allowed to the extent of 1% of FOB value of preceding financial year’s export.
NEG
ATIVE LIST O
F EXP
ORTS
Negative list of
Export
Prohibited Items
Restricted Items
Canalised Items
Negative list of exports contains those export items which are either banned or cannot be freely exported.
TREN
DS IN
INDIA
’S FOREIG
N
TRADE
EXPORT SCENARIO 2007-2008 (April-Sep 07) India’s export was worth Rs.293964.31 crores during April- September 2007 which was 4.7% higher than the exports, valued at Rs.2,80,765.53 crores during April–Sept 2006.
Top ten commodities exported from India are: 1) Petroleum Products, 2) Gems & Jewellery 3) Basic
Chemicals, 4) Pharma & Cosmetics, 5) Readymade Garments, 6) Machinery and
instruments, 7) Transport Equipment, 8) Manufacture of Metals, 9) Cotton yarn fabrics,
Rubber glass & other products and 10) Primary & Semi finished Iron & Steel.
These ten commodities alone accounted for 67.6% of total exports (Rs.293964.31 crores) from India during the year April – September 2007.
TREN
DS IN
INDIA
’S FOREIG
N
TRADE
The Non - Agricultural sectors contributed a large share of Rs. 1,75,066.03 crores ie. 59.55% to India’s total exports during April- Sept 2007.
% Exports
Exports share (in crores)
Non- Agricultural Sectors
11.58% Rs.34,040.58 Textiles
13.03% Rs.38,311.20 Gems and Jewellery
13.68%Rs.40,213.22 Chemical and related products
21.26%Rs.62,501.03 Engineering Goods
TREN
DS IN
INDIA
’S FOREIG
N
TRADE
Among these groups, the highest growth rate had been reported by (i) Engineering goods (8.29%) followed by (ii) Gem & Jewellery (7.90%) during April – September 2007 as compared to April- September 2006.
Export of Agricultural & Allied Products and Plantation sector contributed an amount of Rs.22204.28 crores (7.55%) to India’s total exports during April – September 2007.
DIR
ECTION O
F EXPORTS
Direction of India’s Exports:
Top ten countries to which Indian goods were exported during April- Sept 2007 : 1) U.S.A, 2) United Arab Emirates, 3) China, 4) U.K., 5) Singapore, 6) Hong Kong ,7) Germany, 8) Netherlands, 9) Belgium and 10) Italy.
Total exports to these ten countries amounted to Rs.1,56,114.86 crores, thereby sharing 53.1% contribution in India’s total exports.
Out of five major regions of exports markets, Asia & ASEAN with a share of 49.95% has emerged as the major export market for India’s trade followed by Europe (23.01%), America (17.80%), Africa (7.70%) and CIS & Baltic (1.03 %).
TREN
DS IN
INDIA
’S FOREIG
N
TRADE
IMPORT SCENARIO 2007-2008 (April- Sep 07)India’s total imports increased from Rs.401262.38 crores in April – Sept 2006 to Rs.456103.47 crores in April- Sept 2007 registering an increase of 13.67% during the year.
The given ten commodities accounted for about 78.8% of the total imports made by India during April– Sep 07. They are as follows:
1) Petroleum crude & Products, 2) Gold & silver, 3) Electronic Goods, 4) Machinery other than
Electrical, 5) Organic & Inorganic Chemicals, 6) Pearls,7) Precious & Semi-precious stones, 8) Iron & Steel, 9) Metalliferrous Ores & Products,
Coal, Coke & briquettes and 10) Transport Equipment.
TREN
DS IN
INDIA
’S FOREIG
N
TRADE
IMPORT OF PRINCIPAL COMMODITIES
India’s imports of principal commodities are broadly categorised in five major groups namely
I) Bulk imports ii) Machinery iii) Pearls, Precious & Semi-precious Stones iv) Project goods and v) Others.
Out of these Bulk imports accounted for 44.89%, Machinery 11.79%, Pearls, Precious & Semi-precious Stones accounted for 4.22%, Project goods for 0.52% and the remaining commodities accounted for 38.57%.
TREN
DS IN
INDIA
’S FOREIG
N
TRADE
% Inc in ImportsPrincipal Goods Imported
52.5%Others (Coal, coke & briquettes, Artificial Resins, Electronic goods, Professional Instruments)
13.25%
34.57%,
23.49%
14.52%
Machinery
Transport Equipment
Machine tools
Electrical machinery
16.24%Precious/Semi- Precious Stones
36.22%
36.0%
18.31%
11.51%
4.09%
1.55%
Bulk ImportsFertilizers Manufactured
Iron & Steel
Edible oil
Non ferrous metals
Petroleum crude and products
Metalliferrous Ores & Products
DIR
ECTION O
F IMPORTS
Direction of India’s Imports
Imports were made mainly from the five regions viz. i) Asia & ASEAN ii) Europe iii) America IV) Africa and v) CIS & Baltic.
Of India’s total imports during April- Sep 07 from these regions, Asia & ASEAN occupies the top rank with a share of 61.13% followed by Europe 21.20%, America 9.05%, Africa 6.68% and CIS & Baltic 1.58%.
Europe, Asia & ASEAN, America, Africa, CIS & Baltic and have positive growth rates of 23.65%, 11.80%, 11.56%, 8.22%, and 1.11% respectively.
Conclusion
Purpose
Coherence and consistency.
CONCLUSIO
N
EmploymentImports Indian Trade has grown tremendously due to current Indian Foreign Trade Policy.
SOUR
CES OF IN
FORM
ATIO
N
WEBLIOGRAPHY
http://dgftcom.nic.in/exim/2000/statrep/rep0708/chap2.pdfhttp://dgft.gov.in
THANK YOU
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