A study commissioned by the Ministry reveals that exports generated an incremental direct employment of 10 lakh jobs in the year 2004-05, over the previous year. It contained sector-specific policy initiatives and introduced a new scheme of export incentives itemed Target Plus to accelerate growth of exports. Such business firms are known as Service Providers. Should the currency's price be based on a benchmark interest rate, bank reserve requirement, or on a basket of currencies of the major trading partners of a country? Therefore, this paper supports the earlier hypothesis that trade liberalization in Nigeria has some negative effects on the growth of the economy. This facility is subject to export obligation, i.
Liberal Imports Encouragement to Gems and Jewellery Setting up of Bio-Tech-Parks Income tax concessions and exemptions. Payment of duty will become due only when goods are sold. Hence, the Government of India introduced a new Exim Policy for the year 1997-2002. Deemed Exports under the Exim Policy 2004-2009 is a special type of transaction in the Indian Exim policy in which the payment is received before the goods are delivered. Needs provision to custom clear against bond an cancellation after re-export Imports in advance or as baggage be permitted without duty on condition of re-export. Export Promotion Schemes: a Target Plus: A new scheme to accelerate growth of exports called Target Plus has been introduced. Handloom - Government has decided to develop a trademark for Handloom on lines similar to 'Woolmark' and 'Silkmark'.
Further a Special Economic Zone at Indore Madhya Pradesh is also ready for operation. Some of the flaws are as follows: i No concrete solution o reduce delays and transaction costs. Import of Second hand Capital Goods. Government must accelerate reforms in trade and industrial policies along with macroeconomic policies that provide a favourable environment for enterprises competing in the global market, as well as attracting foreign investors. The payment can be done in Indian Rupees or in Foreign Exchange. The first objective was doubling our percentage share of global merchandise trade within five years. Grievance Redressal: A new mechanism for grievance redressal has been formulated and put into place by a Government Resolution to facilitate speedy redressal of grievances of trade and industry.
Four Star Export House 1500 crores vi. At present the provision is to pay customs duty and claim duty draw back under Section 74. To reduce the burden and to bring down the transaction cost, the interest rate for regularisation of imports need to be plugged max. Globalization dates back to the voyage of the courageous sailors such as Vasco D gama, Christopher Columbus; globalization has progressed through travel, trade, migration, cultural exchanges and spread of knowledge. The Exim Policy has achieved this by encouraging domestic sourcing of raw materials, in order to build up a strong domestic production base. It is hoped that the Council would provide an appropriate institutionalized dialogue mechanism on the subject. With this different categories of Advance licenses i.
Services Export Promotion Council: An exclusive Services Export Promotion Council shall be set up in order to map opportunities for key services in key markets and develop strategic market access programmes, including brand building, in co-ordination with sectoral players and recognized nodal bodies of the services industry. The current trade figures indicate that India is not only on the right path but approaching the goal at an accelerated pace. The Board of Trade shall be revamped and given a clear and dynamic role. Some States have formulated export policies recognizing the need to focus on the removal of impediments in promoting trade, employment and economic activity. The above will help better utilization of scarce and expensive port facility and reduce the transaction costs. If the country is an open economy with the need to import raw materials or semi-finished products for final assembly, a strong or slightly overvalued currency would reduce the cost of imports and the final price of the exported product, making it more competitive in the international market. Impact of Exim Policy 1997 —2002 a Globalization of Indian Economy: The Exim Policy 1997-02 proposed with an aim to prepare a framework for globalizations of Indian economy.
Fresh and frozen silver prom frets of weight less than 300gm. Government of India shall make concerted efforts to promote exports in these sectors by specific sectoral strategies that shall be notified from time to time. This is a time consuming process and entail handling charges. The current covers the period 2002-2007. Therefore, one may ask: how should the exchange rate be set? The present provisions mandated that the notional rate certificate issued by the nominated agency should not be older than 3 working days. Import of second-hand capital goods shall be permitted without any age restrictions. Thus, there are two aspects of Exim Policy; the import policy which is concerned with regulation and management of imports and the export policy which is concerned with exports not only promotion but also regulation.
Discuss the evolution of International trade theory. Objectives Of The Exim Policy : - Government control import of non-essential items through the. Should the currency be based on a benchmark interest rate, bank reserve requirement, or on a basket of currencies of the major trading partners of a country? Procedural guidelines for the Scheme have also been notified and the exporter has been given the flexibility to obtain duty credit certificates in split form that will make utilization of the licences easier. Exporters who have achieved a quantum growth in exports would be entitled to duty free credit based on incremental exports substantially higher than the general actual export target fixed. Foreign Trade Policy 2004-09, Exim Policy 2002-07, India banking Foreign Trade Policy 2004-09 New government has decided to terminate the five-year Exim Policy, 2002-07 and replace it with a Foreign Trade Policy for a five-year term beginning this fiscal year on the 31st August 2004 1.
There shall be state-of-the- art environmentally-controlled, visitor friendly exhibition areas and marts. It takes an integrated view of the overall development of Indias foreign trade. Information Technology, Bio Technology in international polities i. It includes the following exemptions- Duty Drawback: - The is administered by the Directorate of Drawback, Ministry of Finance. Excise Duty Refund: - is a tax imposed by the Central Government on goods manufactured in India.
Package for Agriculture: The Special Focus Initiative for Agriculture includes: a A new scheme called Vishesh Krishi Upaj Yojana has been introduced to boost exports of fruits, vegetables, flowers, minor forest produce and their value added products. Department of Commerce proposes to abolish cess on export of all agricultural and plantation commodities levied under various Commodity Board Acts. This reward was in terms entitlement to duty-free credit based on incremental export earnings. Free flow of resources including raw material, capital and technology not only facilitated large scale production of goods and services but also developed a global market. The Committee has submitted its report and some of the key recommendations made are: a. Various measures for simplification of rules and procedures were also introduced. In pre independence period, India's foreign trade was confined to exports of foodstuff and raw material to industrialized products from these countries.
This policy has further simplified the procedures and educed the interface between exporters and the by reducing the number of documents required for export by half. During post independence era, in order to accelerate the process of industrialization developmental Imports were encouraged. Use of these special ingredients for seafood processing will enable us to achieve a higher value addition and enter new export markets. The scheme envisages creation of world-class infrastructure for warehousing of various products, state-of-the-art equipment, transportation, handling facilities etc. Changing international trade dynamics The dynamics of global trade and the opportunities provided by the multilateral trading platform necessitate a continuous realignment of our international trade strategies and priorities. In Indian, at present there are eight functional Special Economic Zones located at Santa Cruz Maharashtra , Cochin Kerala , Kandla and Surat Gujarat , Chennai Tamil Nadu , Visakhapatnam Andhra Pradesh , Falta West Bengal and Noida Uttar Pradesh in India. State Governments are increasingly required to partner with the Union Government in the process.