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FTP 2009-14

The document discusses India's Foreign Trade Policy. It aims to make India a major player in world trade through a comprehensive approach. The policy seeks to double India's percentage share of global trade in the next five years and generate employment. It aims to simplify procedures, reduce costs and duties to promote exports and industrialization. The policy also focuses on facilitating imports to support economic growth and developing infrastructure to upgrade sectors and increase productivity. It envisions business and industry as partners to achieve policy goals. The policy lays out basic principles and direction but will require modifications over time to changing international trade dynamics.

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93 views3 pages

FTP 2009-14

The document discusses India's Foreign Trade Policy. It aims to make India a major player in world trade through a comprehensive approach. The policy seeks to double India's percentage share of global trade in the next five years and generate employment. It aims to simplify procedures, reduce costs and duties to promote exports and industrialization. The policy also focuses on facilitating imports to support economic growth and developing infrastructure to upgrade sectors and increase productivity. It envisions business and industry as partners to achieve policy goals. The policy lays out basic principles and direction but will require modifications over time to changing international trade dynamics.

Uploaded by

haristheguide
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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This site provides comprehensive information on Foreign Trade Policy of India .

The site also focuses on India's achievements as a result of its well designed
Foreign Trade Policy.

To become a major player in world trade, a comprehensive approach needs to be


taken through the Foreign Trade Policy of India . Increment of exports is of utmost
importance, India will have to facilitate imports which, are required for the growth
Indian economy. Rationality and consistency among trade and other economic
policies is important for maximizing the contribution of such policies to
development. Thus, while incorporating the new Foreign Trade Policy of India, the
past policies should also be integrated to allow developmental scope of India’s
foreign trade. This is the main mantra of the Foreign Trade Policy of India.

Objectives of the Foreign Trade Policy of India -

Trade propels economic growth and national development. The primary purpose is
not the mere earning of foreign exchange, but the stimulation of greater economic
activity. The Foreign Trade Policy of India is based on two major objectives, they
are -

To double the percentage share of global merchandise trade within the next five
years.

To act as an effective instrument of economic growth by giving a thrust to


employment generation.

Strategy of Foreign Trade Policy of India -


Removing government controls and creating an atmosphere of trust and
transparency to promote entrepreneurship, industrialization and trades.

Simplification of commercial and legal procedures and bringing down transaction


costs.

Simplification of levies and duties on inputs used in export products.

Facilitating development of India as a global hub for manufacturing, trading and


services.

Generating additional employment opportunities, particularly in semi-urban and


rural areas, and developing a series of ‘Initiatives’ for each of these sectors.

Facilitating technological and infrastructural upgradation of all the sectors of the


Indian economy, especially through imports and thereby increasing value addition
and productivity, while attaining global standards of quality.

Neutralizing inverted duty structures and ensuring that India's domestic sectors are
not disadvantaged in the

Free Trade Agreements / Regional Trade Agreements / Preferential Trade


Agreements that India enters into in order to enhance exports.

Upgradation of infrastructural network, both physical and virtual, related to the


entire Foreign Trade chain, to global standards.

Revitalizing the Board of Trade by redefining its role, giving it due recognition and
inducting foreign trade experts while drafting Trade Policy.

Involving Indian Embassies as an important member of export strategy and linking


all commercial houses at international locations through an electronic platform for
real time trade intelligence, inquiry and information dissemination.

Partnership -
Foreign Trade Policy of India foresees merchant exporters and manufacturer
exporters, business and industry as partners of Government in the achievement of
its stated objectives and goals.

Road ahead of Indian foreign trade policy -

This Foreign Trade Policy of India is a stepping stone for the development of
India’s foreign trade. It contains the basic principles and points the direction in
which it propose to go. A trade policy cannot be fully comprehensive in all its
details it would naturally require modification from time to time with changing
dynamics of international trade.

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