Question

how was India transformed from an exporter to an importer
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Answer 1

Answer:

India’s import and export system is governed by the Foreign Trade (Development & Regulation) Act of 1992 (full text) and India’s Export Import (EXIM) Policy.

Import and export of all goods are free, except for the items regulated by the EXIM policy or any other law currently in force. Registration with regional licensing authority is a prerequisite for the import and export of goods. The customs will not allow for clearance of goods unless the importer has obtained an Import Export Code (IEC) from the regional authority.