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Introduction
Trade is not an end in itself, but a means to economic growth and national development. The primary purpose is not the mere earning of foreign exchange, but the stimulation of greater economic activity.
Foreign Trade
As its name implies, foreign trade is the exchange of products, services, and money across national borders; essentially trade between countries. When consumers in the U.S. purchase Swiss-made watches, Chinese-made toys and electronics, and Japanesemanufactured automobiles, they experience the end result of international trade.
The Union Commerce Ministry, Govt. Of India Announces The F.T.P. In Every Five Year.This Is Also Called EXIM Policy.This Policy Is Updated Every Year.The Foreign Trade Policy Which Was Announced On 28th August 2009 Is An Integrated Policy For The Period 2009-14.
Objectives
To double Indias Exports Of Goods & Services By 2014. To Encourage Exports Through a Mix Of Measures Including Fiscal Incentives And Efforts For Enhance Market Access Across The World And Diversifications Of Export Markets.
Targets
Export Target: $ 200 Billion For 2010-11 Export Growth Target: 15% For Next Two Years And 25% Thereafter.
To arrest and reverse the declining trend of exports and to provide additional support especially to those sectors which have been hit badly by recession. In the remaining three years of this FTP i.e. upto 2014, the country should be able to come back on the high export growth path of around 25% p.a.
EPCG Scheme
EXPORT PROMOTION OF CAPITAL GOODS
To Aid Technological Upgradation Of Export Sector, EPCG Scheme At Zero Duty Has Been Introduced. Export Obligation On Import Of Spares,Moulds etc.Under EPCG Scheme Has Been Reduced By 50%
Jaipur, Srinagar and Anantnagar have been recognized as' Towns of Export Excellence for handicrafts; Kanpur,Dewas and Ambur for leather products; and Malihabad for horticultural products.
Market Diversification
In this policy, focus is on diversification of Indian exports to other markets, specially those located in Latin America, Africa, parts of Asia and Oceania etc. 26 new countries have been included under Focus Market Scheme.
Technological Upgradation
Such initiatives include :
EPCG Scheme at zero duty has been introduced for certain engineering, electronic products, plastics, handicrafts, etc. A number of products including automobiles have been included for incentives under Focus Product Scheme.
RECOMMENDATIONS
More and more establishment of SEZ. Labour laws can be relaxed resulting in more and more establishment of industries Promotion of investment from domestic and foreign resources Convenient trade practices Establishment of infrastructure
Conclusion
International Business plays a crucial role in the economic development of a nation as it leads to industrialization, employment and reduction of scarcity of consumer goods. Our share of world trade has significantly increased over the years. At present, International Business opportunity in India exists in areas like IT, Telecom, R&D, Infrastructure, Retailing, etc. Sectors like health, education, housing, water resources, SMEs are untapped and offer huge scope.
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