What was the EXIM policy announced for the first time?
Exim Policy 1992 -1997 liberalize imports and boost exports, the Government of India for the first time introduced the Indian Exim Policy on April I, 1992. In order to bring stability and continuity, the Export Import Policy was made for the duration of 5 years.
What are the Exim policies?
Export Import Policy or better known as Exim Policy is a set of guidelines and instructions related to the import and export of goods. The Government of India notifies the Exim Policy for a period of five years (1997 2002) under Section 5 of the Foreign Trade (Development and Regulation Act), 1992.
When did India announce its first import export policy?
Under this purview , the Government of India for the first time introduced 5 year Export Import Policy (EXIM) on April 1, 1992 to dismantle various protectionist and regulatory policies and to accelerate India’s transition towards a globally oriented economy.
What are the general objectives of the EXIM policy?
Objectives of Exim Policy : To facilitate sustained growth in exports from India and import in India. To stimulate sustained economic growth by providing access to essential raw materials, intermediates, components, consumables and capital goods scheme required for augmenting production and providing services.
What is another name of EXIM policy?
The foreign trade policy (FTP) also known as EXIM (export-import) policy is regulated by the Foreign Trade Development and Regulation Act, 1992. The main governing body in the matters concerning the EXIM policy is DGFT (Directorate General of Foreign Trade).
Who was pronounced the new Exim policy of India?
Mr. V. P. Singh, the then Commerce Minister and pronounced the new Exim Policy of India on the 12th of April, 1985. Primarily the Export-Import Policy of India was launched for the period of three years with main intention to boost the export business in India.
What is EXIM procedure?
Exim Procedure or Foreign Trade Procedure which is issued by the DGFT Director General of Foreign Trade is a book that contains all the necessary information about the rules and regulation in the matter related to Foreign Trades.
What is latest Exim policy?
On April 1, India was to unveil the Foreign Trade Policy 2021-2026. The existing policy was extended by a year due to Covid-19, which was to end on March 31. And the government decided to further extend it for 6 more months. The current policy will now be valid upto September 30.
Who regulates Exim Bank?
The Bank primarily lends for exports from India including supporting overseas buyers and Indian suppliers for export of developmental and infrastructure projects, equipment, goods and services from India. It is regulated by RBI.
Why do we need EXIM policy?
Objectives of Export Import Policy: To enhance economic growth by provide raw material, intermediates, consumable and capital good for production. (3). To enhance technological strength and efficiency or Indian agriculture, industry and service. (4).
Which is the latest Exim policy?
Which is the latest EXIM policy?