Objectives of Exim Policy

  ·     To simplify continual growth in exports from India and import in India.

·     To encourage continuous economic development by providing access to crucial raw materials, intermediates, constituents, consumables and capital goods arrangement compulsory for enhancing production and providing services.

·     To increase the technological power and competence of Industry Agriculture industry and services, thus refining their modest asset while making new employment openings, and to inspire the attainment of globally accepted standards of quality.

·     To deliver customers with excellent goods and facilities at globally modest rates. Canalisation is a chief feature of Exim Policy under which certain goods can be imported only by chosen agencies.

Example: An item like gold, in bulk, can be imported only by indicated banks like SBI and some foreign banks or designated agencies.

The Government of India informs the Exim Policy for duration of five years (1997-2002) under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992. The current policy covers the period 2002-2007. The Export Import Policy is reorganised every year on the 31st of March and the modifications, developments and new schemes became effective from 1st April of every year.

All kinds of changes or alterations related to the Exim Policy is usually broadcasted by the Union Minister of Commerce and Industry who co-ordinates with the Ministry of Finance, the Directorate General of Foreign Trade and its network of daft regional offices.

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