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nt of the progress, growth or acceptance of something. MEANING OF EXPORT PROMOTION Refers to the policy of the govt that offers encouragement to the exporters with a view to enhance the exports of the country.
Devaluation of rupee by 36.5% in gold in June 1965 Govt expressed hope for expansion in export earnings because Indian goods would be cheaper in International market Lasted upto 1972-73
This
phase began in 1973 and lasted upto a decade Import substitution could not bring viability in BOP Govt undertook steps to increase exports
Recent
phase The govt of India has framed various schemes so as to promote exports & improve the countrys exchange earnings
The Export Promotion Council Of India was established under Companies Act 1956 Focuses on promotion of exporters and producers to export goods To achieve higher level of export performance & foreign exchange earnings
1. 2. 3. 4.
To promote & develop the exports of the country Each council is responsible for the promotion of a particular group: Products Projects Services Assistance Assists members in taking advantage of opportunities Helps in expansion & diversifying exports
Jute
Tea
Iron ore
Tobacco
Miscellaneous
Production problems
Trading problems
Wasteful formalities
Wrong focus
Neglect of factors other than price Other factors like quality of product Ability of the exporters Delivery schedule & other imp factors are more imp influencing foreign buyers Wasteful formalities Availing of promotional measures & procedural formalities are long, complicated & time consuming Wrong focus We often focus on selected products Other products should be promoted
Trading problems Developing countries find problems due to tarrifs Tarriif rates become higher as one moves from raw material to manufactured products Production problems Lack of sophisticated technology Inspite of changes in industrial & trade policy Indian firms continue to produce outdated products by outdated technology
Replenishment licenses
Government built up various orgnational structures to promote exports such as: EPCs Commodity Boards The Trade development authority Indian Institute of Packaging Trade Fair Authority of India
Fiscal Incentives