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REMEDIES FOR IMPROVING BOP:

15. Reduce Imports:


Our country should maximized its exports as much as possible only goods
necessary for further production should be imported and other should be banned.
Eg-
16. Export Promotion:
Our country should plan an effective strategy to promote export to great
level. This will be very helpful to improve our BOP.
17. More Trade Agreements:
In order to improve our trade balance our country should make maximum
trade agreement with other countries. In this way our trade will increase that will
improve our BOP.
Eg- Agreements such as Signing of Framework Agreement for Economic
Cooperation between India and the ASEAN and bilateral agreement between
India and Thailand will help in diversifying trade and economic cooperation.
Bilateral agreements with Bangladesh, Afghanistan, Myanmar, South Africa
and Mercosur (Argentina,Brazil,Paraguay and Uruguay) are currently under,
consideration.
18. Explore Markets:
We can improve our BOP by exploring more and more markets for goods.
This factor will be especially helpful for maximizing our export that will improve
our trade balance.
Eg-More schemes such as in order to showcase our industrial and trade
prowess to its best advantage and leverage existing facilities, Pragati Maidan
will be transformed into a world-class complex.There shall be state-of-the-art,
environmentally-controlled, visitor friendly exhibition areas and marts should
be developed.
19. Diversification of Economy:
For improving our BOP, our country should produce every type of product
instead of few. We should promote all sectors of our economy.
Eg-
20. Incentives to Exports:
Our government should provide some incentives to exporters to maximize
export of the country. These incentives should be given to all exporters.
21. Enhance Production:
In order to improve BOP, country should increase production of goods so
we will be to export lot and we will also be able to minimize imports.
Eg-
22. Special Schemes:
In order to improve balance of payment, government should introduce
special schemes for the exporter and improve. Through these schemes exporters
should be encouraged and importers should be asked to minimize imports.
23. Form Trade Bodies:
Government of the country should establish more and more trade bodies in
order to promote exports and in order to improve balance of Payment.
24. Optimum Industries:
Our government should establish more and more exports industries so that
we may able to export more and import less and in this way balance of Payment
can be made favorable.
Eg-
25. Reduce Use of Oil:
Oil is the major import of our country and we are spending heavy amount
of our earned foreign exchange on import of oil .We can minimize spending of
foreign by reducing use of oil in the country.