What initiatives are taken in EXIM Policy to raise India’s share in world trade.
Answers
The integration of the domestic economy through the twin channels of trade and capital flows has accelerated in the past two decades which in turn led to the India’s GDP reaching Rs 167.73 trillion (US$ 2.30 trillion) in 2017-18*. Simultaneously, the per capita income also nearly trebled during these years. India’s trade and external sector had a significant impact on the GDP growth as well as expansion in per capita income. India’s GDP during the first half of 2018-19 stood at Rs 89.88 trillion (US$ 1.29 trillion).
Total exports from India (Merchandise and Services) increased 15.48 per cent year-on-year during April-November 2018 to US$ 351.99 billion, while total imports increased by 16.86 per cent year-on-year to US$ 428.18 billion according to data from the Ministry of Commerce & Industry. Exports from the country recorded their highest growth in 2017-18.
According to Mr Suresh Prabhu, Minister for Commerce and Industry, the Government of India is keen to grow exports and provide more jobs for the young, talented, well-educated and even semi-skilled and unskilled workforce of India.
EXIM policy is also known as the import export policy is announced in every five years by the ministry of commerce and industry which is a ministry under the government of India. This policy is updated every year by the government to stay at par with the present situation and they are amendment done every year.
The initiative by the EXIM policy is the main scheme is promoting of the handloom export of the country. They are liable for the duty free import policy from foreign traders only for the handloom section.