Like all other countries, India has a policy that governs the conditions for the trade of each of the goods. Export and import policy was started on April 1, 1992, this policy duration of 5years.
Highlights of EXIM Policy in India
Ø Government aims to increase India exports merchandise and services from USD 465.9 billion in the year 2013-2014,
Ø In the year 2019-2020 it approximately USD 900 billion
Ø India’s export percent increased by 2% to 3.5%.
Ø The 95% of the goods are freely tradable,
Ø The 4% of the goods are restrictions,
Ø 1%of the goods are entirely prohibited.
Freely tradable:
Free items do not require any special trade permissions though they would have to comply with norms and rules applied to similar goods that are domestically produced.
Restricted:
Certain items cannot be freely traded because of security concerns health or other social reasons etc. for example items like live animals and arm products, etc..,
The application for a restricted item license can be made online on the DGFT – Directorate General Foreign Trade, and then the only DGFT gives approval for export or import.
Canalized:
The privilege of trade is granted by State Trade Enterprises – STEs for such items, and the private companies are not allowed to trade except DGFT approval.
Prohibited:
Prohibited items are entirely banned from trade as they might not be in the interest of the countries. For example wild animals, narcotic drugs, etc..,
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