Quick Answer: What is foreign trade policy of India?

What is the foreign trade policy?

Foreign Trade Policy is a set of guidelines and instructions established by the DGFT in matters related to the import and export of goods in India. The Government of India, Ministry of Commerce and Industry announces Export Import Policy every five years. The new FTP (2015-20) came into force w.e.f 01/04/2015.

What is foreign trade policy answer?

Answer: Foreign trade policy is also known as Export-Import policy or EXIM Policy. The EXIM polices are adopted by any country regarding the exports and imports goods and services with other countries in the world. Trade policies can be of two types, the free trade policy and the protective trade policy.

Who makes foreign trade policy in India?

Directorate General of Foreign Trade | Ministry of Commerce and Industry | Government of India.

What is meant by foreign trade and explain the scope of foreign trade?

Foreign trade is exchange of capital, goods, and services across international borders or territories. In most countries, it represents a significant share of gross domestic product (GDP). Production of goods and services requires resources. …

What is foreign trade and its importance?

Foreign trade helps in generating employment opportunities, by increasing the mobility of labour and resources. It generates direct employment in import sector and indirect employment in other sector of the economy. Such as Industry, Service Sector (insurance, banking, transport, communication), etc.

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What is the latest foreign trade policy of India?

The Commerce Ministry has fixed an ambitious export target of $400 billion for 2021-22 against $292 billion attained in 2020-21. India’s exports in April-August 2021 increased 67.33 per cent to $164.10 billion compared to the same period the previous year.

What is foreign trade in Commerce?

Foreign trade is the mutual exchange of services or goods between international regions and borders. There are varieties such as import and export. … Trade relations with other countries offer advantages to all participants: companies gain additional markets, increase their turnover and the number of their jobs.

What are the main features of India’s foreign trade?

Foreign Trade: 8 Salient Features of Foreign Trade of India – Explained!

  • Negative or Unfavourable Trade: …
  • Diversity in Exports: …
  • Worldwide Trade: …
  • Change in Imports: …
  • Maritime Trade: …
  • Trade through a few Selected Ports Only: …
  • Insignificant Place of India in the World Overseas Trade: …
  • State Trading: