{"id":23722,"date":"2024-01-27T09:04:03","date_gmt":"2024-01-27T09:04:03","guid":{"rendered":"https:\/\/edukemy.com\/blog\/?p=23722"},"modified":"2024-01-27T09:04:05","modified_gmt":"2024-01-27T09:04:05","slug":"highlight-the-salient-features-of-indias-trade-policy-discuss-the-status-of-indias-balance-of-trade-with-china-upsc-geography-optional-mains-2023","status":"publish","type":"post","link":"https:\/\/edukemy.com\/blog\/highlight-the-salient-features-of-indias-trade-policy-discuss-the-status-of-indias-balance-of-trade-with-china-upsc-geography-optional-mains-2023\/","title":{"rendered":"Highlight the salient features of India&#8217;s trade policy. Discuss the status of India&#8217;s balance of trade with China &#8211; UPSC Geography Optional Mains &#8211; 2023"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/edukemy.com\/upsc\/upsc-prelims-support-program-with-test-series?type=classroom\" target=\"_blank\" rel=\"noreferrer noopener\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"300\" src=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/10\/GS-Foundation-Course-for-UPSC-1280-x-300-px-1-1024x300.png\" alt=\"\" class=\"wp-image-46623\"\/><\/a><\/figure>\n\n\n\n<p>India&#8217;s trade policy serves as a critical cornerstone in shaping the nation&#8217;s economic landscape, emphasizing both domestic development and international engagements. Characterized by a commitment to liberalization, globalization, and facilitation of trade, India has undertaken various reforms to enhance its competitiveness in the global market. Key features include the promotion of exports through initiatives like the &#8216;Make in India&#8217; campaign, tariff rationalization, and efforts to ease business processes. However, amidst these endeavors, the bilateral trade relationship with China stands out as a significant aspect of India&#8217;s trade dynamics. The balance of trade between these two economic giants has drawn attention due to concerns about trade deficits and its impact on India&#8217;s economy. Analyzing the status of India&#8217;s balance of trade with China provides valuable insights into the challenges and opportunities that characterize this vital economic relationship.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<label for=\"ez-toc-cssicon-toggle-item-6a6d1b3712933\" class=\"ez-toc-cssicon-toggle-label\"><p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a6d1b3712933\"  \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/edukemy.com\/blog\/highlight-the-salient-features-of-indias-trade-policy-discuss-the-status-of-indias-balance-of-trade-with-china-upsc-geography-optional-mains-2023\/#Answer\" >Answer<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/edukemy.com\/blog\/highlight-the-salient-features-of-indias-trade-policy-discuss-the-status-of-indias-balance-of-trade-with-china-upsc-geography-optional-mains-2023\/#Some_salient_features_are\" >Some salient features are:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/edukemy.com\/blog\/highlight-the-salient-features-of-indias-trade-policy-discuss-the-status-of-indias-balance-of-trade-with-china-upsc-geography-optional-mains-2023\/#Indias_balance_of_trade_with_China\" >India\u2019s balance of trade with China:<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/edukemy.com\/blog\/highlight-the-salient-features-of-indias-trade-policy-discuss-the-status-of-indias-balance-of-trade-with-china-upsc-geography-optional-mains-2023\/#Status_of_BoT\" >Status of BoT:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/edukemy.com\/blog\/highlight-the-salient-features-of-indias-trade-policy-discuss-the-status-of-indias-balance-of-trade-with-china-upsc-geography-optional-mains-2023\/#The_trade_deficit_is_due_to_the_following_factors\" >The trade deficit is due to the following factors:<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/edukemy.com\/blog\/highlight-the-salient-features-of-indias-trade-policy-discuss-the-status-of-indias-balance-of-trade-with-china-upsc-geography-optional-mains-2023\/#In_case_you_still_have_your_doubts_contact_us_on_9811333901\" >In case you still have your doubts, contact us on 9811333901.&nbsp;<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/edukemy.com\/blog\/highlight-the-salient-features-of-indias-trade-policy-discuss-the-status-of-indias-balance-of-trade-with-china-upsc-geography-optional-mains-2023\/#Visit_our_YouTube_Channel_%E2%80%93_here\" >Visit our YouTube Channel &#8211;&nbsp;here<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Answer\"><\/span>Answer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>India\u2019s trade policy is formulated by the Ministry of Commerce and Industry under the foreign Trade Development and regulation act, of 1992. Since independence, it has undergone structural changes in line with the demands of the economy.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Some_salient_features_are\"><\/span>Some salient features are:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ol class=\"wp-block-list\"><li>Key approach based on 4 pillars:<\/li><\/ol>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" width=\"538\" height=\"243\" data-src=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-27-142653.png\" alt=\"\" class=\"wp-image-23725 lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 538px; --smush-placeholder-aspect-ratio: 538\/243;\" \/><\/figure><\/div>\n\n\n<ol class=\"wp-block-list\" start=\"2\"><li>Process re-engineering and automation:<br>\u25cf To facilitate ease of doing for exporters.<br>\u25cf FTP,2023 codifies implementation mechanisms in paperless online environments.<\/li><li>Town of Export Excellence (TEE):<br>\u25cf 4 new towns designated as TEE e.g. Faridabad, Moradabad, Mirzapur, Varanasi.<\/li><li>Recognition of exporters:<br>\u25cf 2-star and above exporters are encouraged to provide trade-related training to individuals.<br>Instrumental in building a skilled manpower pool to service a $5 trillion economy before<br>2030.<\/li><li>Promotion of districts as export hubs:<br>\u25cf to accelerate the development of a grassroots trade ecosystem via export action plans for<br>specific districts.<\/li><li>E-commerce export:<br>\u25cf has potential of $200-300 billion by 2030 for establishing e-commerce hubs.<\/li><li>Export promotion of capital goods (EPCG) scheme:<br>\u25cf Allows import of capital goods at zero customs duty for export production.<br>\u25cf Key changes are the exemption of the dairy sector from average export obligation.<br>\u25cf Green technology products e.g. green hydrogen included.<\/li><li>SCOMET policy:<br>Wider understanding and outreach of Special chemicals, organisms, materials, equipment, and technology.<\/li><li><strong>Amnesty scheme<\/strong>: for reducing litigation and trust-based relationships to alleviate issues of<br>exporters.<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Indias_balance_of_trade_with_China\"><\/span>India\u2019s balance of trade with China:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Status_of_BoT\"><\/span>Status of BoT:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>India has a large trade-deficit with China which is still growing ( around $73 billion in 2021-22 expected to cross $100 billion in FY23.).<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" width=\"434\" height=\"249\" data-src=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-27-142933.png\" alt=\"\" class=\"wp-image-23726 lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 434px; --smush-placeholder-aspect-ratio: 434\/249;\" \/><\/figure><\/div>\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_trade_deficit_is_due_to_the_following_factors\"><\/span>The trade deficit is due to the following factors:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ol class=\"wp-block-list\"><li>China\u2019s manufacturing dominance:<br>\u25cf Accounts for 29% of global output due to cheap manufacturing and high technological<br>advancements.<\/li><li>India\u2019s dependence on chinese goods: india dependence on china especially in: (imports in $million)<\/li><\/ol>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" width=\"482\" height=\"217\" data-src=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-27-143034.png\" alt=\"\" class=\"wp-image-23727 lazyload\" data-srcset=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-27-143034.png 482w, https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-27-143034-480x217.png 480w\" data-sizes=\"(max-width: 482px) 100vw, 482px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 482px; --smush-placeholder-aspect-ratio: 482\/217;\" \/><\/figure><\/div>\n\n\n<ol class=\"wp-block-list\" start=\"3\"><li>Exchange rate difference: currency exchange rates i.e. $1=82 rupees and $1= 0.14 yuan along with non-tariff barriers make BoT wide.<\/li><\/ol>\n\n\n\n<p>Therefore to manage BoT with China, we need to diversify imports ( from Vietnam and Southeast Asia, boost exports, and review the FTA with China. Curbs on dumping are also required.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"In_case_you_still_have_your_doubts_contact_us_on_9811333901\"><\/span><strong>In case you still have your doubts, contact us on 9811333901.<\/strong>&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>For UPSC Prelims Resources,&nbsp;<a href=\"https:\/\/edukemy.com\/upsc-cse-prelims-resource-centre\" target=\"_blank\" rel=\"noreferrer noopener\">Click here<\/a><\/p>\n\n\n\n<p>For Daily Updates and Study Material:<\/p>\n\n\n\n<p>Join our Telegram Channel &#8211;&nbsp;<a href=\"https:\/\/t.me\/WithEdukemy4IAS\" target=\"_blank\" rel=\"noreferrer noopener\">Edukemy for IAS<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>1. Learn through Videos &#8211;&nbsp;<a href=\"https:\/\/bit.ly\/3vOD8sU\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><\/li><li>2. 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Mains Answer Writing Practice &#8211;&nbsp;<a href=\"https:\/\/bit.ly\/3mZuVxl\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Visit_our_YouTube_Channel_%E2%80%93_here\"><\/span>Visit our YouTube Channel &#8211;&nbsp;<a href=\"https:\/\/www.youtube.com\/@ShabbirsEduKemyforIAS\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>India&#8217;s trade policy serves as a critical cornerstone in shaping the nation&#8217;s economic landscape, emphasizing both domestic development and international engagements. <\/p>\n","protected":false},"author":17,"featured_media":23728,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[1348],"tags":[143,1534,142,232,145,140],"class_list":["post-23722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-upsc-geography-solved-papers","tag-geography_optional","tag-indias-trade-policy","tag-previous_year_questions","tag-upsc","tag-upsc-mains-question-paper","tag-upsc_preparation_strategy"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.9 - aioseo.com -->\n\t<meta name=\"description\" content=\"India&#039;s trade policy serves as a critical cornerstone in shaping the nation&#039;s economic landscape, emphasizing both domestic development and international engagements.\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Edukemy Team\"\/>\n\t<link rel=\"canonical\" href=\"https:\/\/edukemy.com\/blog\/highlight-the-salient-features-of-indias-trade-policy-discuss-the-status-of-indias-balance-of-trade-with-china-upsc-geography-optional-mains-2023\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.9\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"Blog - Edukemy&#039;s Blog for aspirants\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"Highlight the salient features of India\u2019s trade policy. 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