{"id":30433,"date":"2024-02-28T07:27:13","date_gmt":"2024-02-28T07:27:13","guid":{"rendered":"https:\/\/edukemy.com\/blog\/?p=30433"},"modified":"2026-09-29T15:27:37","modified_gmt":"2026-09-29T15:27:37","slug":"trade-trends-and-policies-of-india-upsc-indian-geography-notes","status":"publish","type":"post","link":"https:\/\/edukemy.com\/blog\/trade-trends-and-policies-of-india-upsc-indian-geography-notes\/","title":{"rendered":"Trade Trends and Policies of India &#8211; UPSC Indian Geography Notes"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/edukemy.com\/upsc\/upsc-geography?utm_source=Blog&amp;utm_medium=Banner&amp;utm_campaign=Geography\" target=\"_blank\" rel=\"noreferrer noopener\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1280\" height=\"300\" src=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/14.png\" alt=\"\" class=\"wp-image-42410\" srcset=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/14.png 1280w, https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/14-1170x274.png 1170w, https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/14-585x137.png 585w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/a><\/figure>\n\r\n\r\n\r\n<p><strong>India\u2019s foreign trade<\/strong> refers to the exchange of goods and services between India and other countries through exports and imports. India\u2019s trade patterns have evolved with changes in global demand, domestic production, economic reforms, technology, and international trade agreements. Major trends in India\u2019s trade include changes in the composition and direction of exports and imports, the trade balance, and the country\u2019s major trading partners. India\u2019s trade policies aim to promote exports, regulate imports, improve competitiveness, and integrate the Indian economy with global markets. This article examines the major trends, patterns, and policies of India\u2019s foreign trade for UPSC Indian Geography.<\/p>\r\n\r\n\r\n\r\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-6ada283b525b5\" 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-6ada283b525b5\"  \/><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\/trade-trends-and-policies-of-india-upsc-indian-geography-notes\/#Foreign_Trade_Policy_of_India_A_Comprehensive_Overview\" >Foreign Trade Policy of India: A Comprehensive Overview<\/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\/trade-trends-and-policies-of-india-upsc-indian-geography-notes\/#Key_Components_and_Objectives\" >Key Components and Objectives:<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/edukemy.com\/blog\/trade-trends-and-policies-of-india-upsc-indian-geography-notes\/#Strategic_Focus_Areas\" >Strategic Focus Areas:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/edukemy.com\/blog\/trade-trends-and-policies-of-india-upsc-indian-geography-notes\/#Major_Initiatives_Under_the_Foreign_Trade_Policy_of_India\" >Major Initiatives Under the Foreign Trade Policy of India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/edukemy.com\/blog\/trade-trends-and-policies-of-india-upsc-indian-geography-notes\/#FOREIGN_TRADE_POLICY_2021-2026\" >FOREIGN TRADE POLICY 2021-2026<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/edukemy.com\/blog\/trade-trends-and-policies-of-india-upsc-indian-geography-notes\/#Expectations_from_FTP_2021-2026_A_Road_to_5_Trillion_Economy\" >Expectations from FTP 2021-2026: A Road to $5 Trillion Economy<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/edukemy.com\/blog\/trade-trends-and-policies-of-india-upsc-indian-geography-notes\/#FAQs_Regarding_Foreign_Trade_Policy_of_India_A_Comprehensive_Overview\" >FAQs Regarding Foreign Trade Policy of India: A Comprehensive Overview<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/edukemy.com\/blog\/trade-trends-and-policies-of-india-upsc-indian-geography-notes\/#1_What_is_the_Foreign_Trade_Policy_FTP_of_India\" >1. What is the Foreign Trade Policy (FTP) of India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/edukemy.com\/blog\/trade-trends-and-policies-of-india-upsc-indian-geography-notes\/#2_Who_administers_the_FTP_and_under_which_ministry_does_it_operate\" >2. Who administers the FTP, and under which ministry does it operate?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/edukemy.com\/blog\/trade-trends-and-policies-of-india-upsc-indian-geography-notes\/#3_How_often_is_the_FTP_reviewed_and_why\" >3. How often is the FTP reviewed, and why?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/edukemy.com\/blog\/trade-trends-and-policies-of-india-upsc-indian-geography-notes\/#4_What_are_the_key_responsibilities_of_the_Department_of_Commerce_in_the_context_of_the_FTP\" >4. What are the key responsibilities of the Department of Commerce in the context of the FTP?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/edukemy.com\/blog\/trade-trends-and-policies-of-india-upsc-indian-geography-notes\/#5_What_is_the_primary_objective_of_the_FTP_in_terms_of_trade_facilitation\" >5. What is the primary objective of the FTP in terms of trade facilitation?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/edukemy.com\/blog\/trade-trends-and-policies-of-india-upsc-indian-geography-notes\/#6_What_are_the_twin_strategies_adopted_by_the_government_for_export_promotion\" >6. What are the twin strategies adopted by the government for export promotion?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/edukemy.com\/blog\/trade-trends-and-policies-of-india-upsc-indian-geography-notes\/#7_How_long_is_the_duration_of_the_Foreign_Trade_Policy_and_when_does_it_undergo_updates\" >7. How long is the duration of the Foreign Trade Policy, and when does it undergo updates?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/edukemy.com\/blog\/trade-trends-and-policies-of-india-upsc-indian-geography-notes\/#In_case_you_still_have_your_doubts_contact_us_on_9773890604\" >In case you still have your doubts, contact us on 9773890604<\/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-16\" href=\"https:\/\/edukemy.com\/blog\/trade-trends-and-policies-of-india-upsc-indian-geography-notes\/#Visit_our_YouTube_Channel_%E2%80%93_here\" >Visit our YouTube Channel &#8211;\u00a0here<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Foreign_Trade_Policy_of_India_A_Comprehensive_Overview\"><\/span><strong>Foreign Trade Policy of India: A Comprehensive Overview<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>The Foreign Trade Policy <strong>(FTP)<\/strong> of India serves as a strategic roadmap, guiding the government&#8217;s efforts to promote domestic production and boost exports to drive economic growth. Administered by the Directorate General of Foreign Trade<strong> (DGFT),<\/strong> under the Ministry of Commerce and Industry, the policy is periodically reviewed to align with the evolving domestic and international landscape.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Components_and_Objectives\"><\/span><strong>Key Components and Objectives:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li><strong>Guidelines for Import and Export:<\/strong>\r\n<ul>\r\n<li>The FTP provides a comprehensive set of guidelines for the import and export of goods and services. The DGFT is responsible for its formulation and implementation.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>Responsibility of the Department of Commerce:<\/strong>\r\n<ul>\r\n<li>The Department of Commerce, entrusted with making India a major player in global trade, develops commodity and country-specific strategies. It aims to position India as a leader in international trade organizations.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>Twin Strategy for Export Promotion:<\/strong>\r\n<ul>\r\n<li>The government adopts a twin strategy, focusing on both traditional and sunrise sectors of exports, including services. This approach aims to diversify and strengthen the export base.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>Simplification of Business Processes:<\/strong>\r\n<ul>\r\n<li>A key focus is on simplifying business processes to reduce transaction costs and time, enhancing the global competitiveness of Indian exports.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>Primary Objectives:<\/strong>\r\n<ul>\r\n<li>The overarching goals include accelerating economic activity, accessing global market opportunities, promoting sustained economic growth, strengthening agriculture, industry, and services, generating employment, and encouraging adherence to international quality standards.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>Duration of the Policy:<\/strong>\r\n<ul>\r\n<li>The FTP is typically notified for a five-year duration. It undergoes annual updates on March 31, with changes taking effect from April 1.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Strategic_Focus_Areas\"><\/span><strong>Strategic Focus Areas:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li><strong>GST Integration:<\/strong>\r\n<ul>\r\n<li>The policy emphasises helping exporters leverage benefits of the Goods and Services Tax (GST) regime to streamline taxation processes.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>Export Performance Monitoring:<\/strong>\r\n<ul>\r\n<li>There is a focus on closely monitoring export performances, identifying areas for improvement, and addressing challenges hindering export growth.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>Ease of Trading Across Borders<\/strong>:\r\n<ul>\r\n<li>Efforts are made to improve ease of trading across borders, addressing logistical and regulatory challenges that hinder seamless export-import transactions.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>Promoting Exports from Specific Sectors:<\/strong>\r\n<ul>\r\n<li>Emphasis is laid on promoting exports from Micro, Small, and Medium Enterprises (MSMEs) and labor-intensive sectors, aligning with the government&#8217;s inclusive growth agenda.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>State Partnership in Exports:<\/strong>\r\n<ul>\r\n<li>States are actively involved in export promotion, developing strategies based on their unique strengths to contribute to national export goals.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li>Challenges and Future Directions:<\/li>\r\n<li><strong>Addressing Internal Constraints:<\/strong>\r\n<ul>\r\n<li>Despite external challenges, internal constraints such as infrastructure bottlenecks, high transaction costs, complex procedures, manufacturing limitations, and limited diversification in services exports are recognized and need attention.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>Trade Facilitation Agreement (TFA)<\/strong>:\r\n<ul>\r\n<li>India&#8217;s commitment to the Trade Facilitation Agreement at the World Trade Organization (WTO) is acknowledged, aiming to simplify and reduce transaction costs in international trade.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>Subsidy Phasing Out:<\/strong>\r\n<ul>\r\n<li>India recognizes the need to eventually phase out subsidies, aligning with WTO rules. It acknowledges the importance of moving towards fundamental systemic measures for sustained trade practices.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>Promising Product Groups:<\/strong>\r\n<ul>\r\n<li>The government is exploring promising product groups such as defense equipment, medical devices, agro-processing, technical textiles, and chemicals to diversify India&#8217;s export portfolio.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p>In conclusion, India&#8217;s Foreign Trade Policy serves as a dynamic framework, evolving to meet the challenges and opportunities of the global trade landscape. Its multifaceted approach aims to foster economic growth, enhance global competitiveness, and create a conducive environment for diverse sectors to thrive in the international market.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Major_Initiatives_Under_the_Foreign_Trade_Policy_of_India\"><\/span><strong>Major Initiatives Under the Foreign Trade Policy of India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li><strong>Niryat Bandhu Scheme:<\/strong>\r\n<ul>\r\n<li>Objective: Mentoring budding exporters through counseling, training, and outreach programs.<\/li>\r\n<li>Implementation: DGFT organizes structured outreach activities with the assistance of Export Promotion Councils, knowledge partners, Customs, ECGC, Banks, and concerned Ministries.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>Duty-Free Import Authorisation (DFIA):<\/strong>\r\n<ul>\r\n<li>Purpose: Allows duty-free import of inputs required for the production of export goods.<\/li>\r\n<li>Obligations: Importers must meet export obligations with a minimum value addition of 20%.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>Export Promotion Capital Goods (EPCG):<\/strong>\r\n<ul>\r\n<li>Objective: Facilitates the import of capital goods to enhance India&#8217;s competitiveness.\r\n<ul>\r\n<li>Benefits: Allows duty-free import of capital goods for pre-production, production, and post-production.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>Electronic Import Exporter Code (IEC)<\/strong>:\r\n<ul>\r\n<li>Requirement: Mandatory export permit for carrying out exports and imports.<\/li>\r\n<li>Facilitation: DGFT enables online filing of IEC applications for seamless processing.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>Electronic Bank Certificate (e-BRC):<\/strong>\r\n<ul>\r\n<li>Purpose: Captures export proceeds details directly from banks through a secure electronic mode.<\/li>\r\n<li>Advantages: Facilitates implementation of export promotion schemes without physical interfaces.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>Exporter Importer Profile:<\/strong>\r\n<ul>\r\n<li>Functionality: Uploads various documents, reducing transaction costs and time.<\/li>\r\n<li>Advantages: Eliminates the need to repeatedly submit documents to Regional Authority, streamlining processes.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>Online Filing of Applications:<\/strong>\r\n<ul>\r\n<li>Facilitation: DGFT enables online filing of applications for IEC and various authorizations\/scrips.<\/li>\r\n<li>Process: Applications are digitally signed, submitted electronically, and processed by Regional Authority.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>Withdrawal of Seizure of Export Related Stock:<\/strong>\r\n<ul>\r\n<li>Guidelines: Agencies are advised against unnecessary seizures that hinder manufacturing activity.<\/li>\r\n<li>Conditions: Seizures should be withdrawn within seven days unless serious irregularities are substantiated.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>Round-the-Clock Customs Clearance:<\/strong>\r\n<ul>\r\n<li>Availability: 24*7 customs clearance at 19 seaports and 17 air cargo complexes.<\/li>\r\n<li>Benefit: Merchant Overtime Charges (MOT) exempted for services provided by Customs officers at 24*7 Customs Ports and Airports.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>Single Window Interface (SWIFT):<\/strong>\r\n<ul>\r\n<li>Launch: Facilitates electronic lodging of Integrated Declarations at a single point with Customs.<\/li>\r\n<li>Advantages: Enables obtaining necessary permissions from regulatory agencies electronically.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>Facilitating Export of Perishable Products:<\/strong>\r\n<ul>\r\n<li>System: Introduces a single-window system for the export of perishable agricultural produce.<\/li>\r\n<li>Accreditation: Multi-functional nodal agencies accredited by APEDA to reduce transportation and handling costs.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>Time Release Study:<\/strong>\r\n<ul>\r\n<li>Tool: Implements the World Customs Organization&#8217;s time-release study to evaluate Customs performance.<\/li>\r\n<li>Purpose: Identifies bottlenecks in the international supply chain and constraints affecting Customs release.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>Towns of Export Excellence (TEE):<\/strong>\r\n<ul>\r\n<li>Criteria: Specified towns with a goods turnover of Rs 750 Crore or more may be notified as TEE.<\/li>\r\n<li>Benefits: Recognized associations receive financial assistance, and common service providers become eligible for Authorization under the EPCG scheme.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FOREIGN_TRADE_POLICY_2021-2026\"><\/span><strong>FOREIGN TRADE POLICY 2021-2026<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<p>The FTP 2015-20 came into effect on the 1st of April 2015 and the same was extended by one year till 31 March 2021, due to the Covid-19 pandemic.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>New Foreign Trade Policy 2021-26\u2033. which have come into effect from 1st April 2021 for a period of five years and will strive to make India a leader in the area of international trade and channelize the synergies gained through merchandise and services exports for growth and employment with a goal to make India a USD 5 Trillion economy.<\/p>\r\n\r\n\r\n\r\n<p>District Export Hubs Initiative will form an important component of the new Foreign Trade Policy.\u00a0<\/p>\r\n\r\n\r\n\r\n<p><strong>The Department of Commerce<\/strong> through the Regional Authorities of DGFT has engaged with State\/UT Governments to take forward this initiative in the districts and enable its implementation in a phased manner, with the objective of mobilizing the potential of each district of the country to achieve its potential as an export hub.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Expectations_from_FTP_2021-2026_A_Road_to_5_Trillion_Economy\"><\/span><strong>Expectations from FTP 2021-2026: A Road to $5 Trillion Economy<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>1. WTO-Compliant Tax Incentives:\r\n<ul>\r\n<li>Background: With incentives under MEIS and SEIS in doubt, the focus is on WTO-compliant tax benefits.<\/li>\r\n<li>Initiative: The introduction of the Remission of Duties or Taxes on Export Products (RoDTEP) scheme from January 1, 2021, replacing MEIS.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li>2. Easy Credit Access:\r\n<ul>\r\n<li>Demand: MSMEs, particularly, seek improved credit access.<\/li>\r\n<li>Potential Solution: Proposals to raise borrowing limits at the Export-Import Bank of India to address the reluctance of formal financial institutions.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li>3. Infrastructure Upgrade:\r\n<ul>\r\n<li>Learning from China: Recognizing China&#8217;s success, calls for upgrading India&#8217;s infrastructure, including ports, highways, and testing and certification centers.<\/li>\r\n<li>Existing Scheme: The Trade Infrastructure for Export Sector, launched in 2017, might be extended to further support infrastructure development.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li>4. Less Subsidy, More Support:\r\n<ul>\r\n<li>Shift in Approach: Move from subsidies to support focused on quality, technology, and scale of production.<\/li>\r\n<li>Suggested Focus Areas: Skill development programs, technological upgradation, and incentives for research and development.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li>5. Tax Breaks:\r\n<ul>\r\n<li>Demand: Easier and lower taxes to replace subsidies.<\/li>\r\n<li>Corporate Tax Rates: Calls for the reduction of corporate tax rates and simplification of duty structures.<\/li>\r\n<li>Import Duty Structure: Simplification based on higher duties on finished goods and lower duties on intermediates and raw materials.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li>6. Digitization and E-Commerce:\r\n<ul>\r\n<li>Post-COVID Adaptation: Acknowledges the disruption caused by COVID-19 and emphasizes modern trade practices.<\/li>\r\n<li>Digital Processes: Recommends digitization of common import-export processes.<\/li>\r\n<li>E-commerce Support: Suggestions include e-commerce export platforms under Niryat Bandhu, e-commerce export promotion cells, and e-Commerce Export Zones.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li>7. Export Awareness:\r\n<ul>\r\n<li>Gap Addressing: Recognizes that lack of awareness can hinder export opportunities.<\/li>\r\n<li>Government Workshops: Proposes provisions for government workshops and awareness programs on international laws, standards, global markets, and intellectual property rights.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li>8. Import Wishlist:\r\n<ul>\r\n<li>Import Community Expectations: Desires self-certification for importing capital goods and approval-based import of prohibited items.<\/li>\r\n<li>Ease of Processes: Aims for simplified import processes to encourage smoother transactions.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li>9. Road to $5 Trillion by 2025:\r\n<ul>\r\n<li>Ambitious Target: India aspires to be a $5-trillion economy by 2025.<\/li>\r\n<li>Strategic Goals: GDP growth rate of 8% or more, tripling exports to $1 trillion by 2025.<\/li>\r\n<li>Challenges: Addressing historical export levels around $300 billion and the impact of the pandemic on exports.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li>10. High-Level Advisory Group Recommendations:\r\n<ul>\r\n<li>Reforms: Urgent labor law reform, easing regulatory controls, lowering the cost of capital, and sector-specific strategies.<\/li>\r\n<li>FDI Committee: Formation of a special committee for quick decisions on foreign direct investment.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li>11. FTP 2021-2026 Commitments:\r\n<ul>\r\n<li>District Export Hubs: Identifying products and services, mapping GI products, and setting up promotion panels and action plans at the district level.<\/li>\r\n<li>Addressing Imbalances: Commitment to reducing domestic and overseas constraints, enhancing ease of doing business, and creating efficient logistical infrastructure.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p>If FTP 2021-2026 aligns with these expectations and government commitments, it can play a pivotal role in steering India towards its ambitious $5-trillion economy goal.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs_Regarding_Foreign_Trade_Policy_of_India_A_Comprehensive_Overview\"><\/span><strong>FAQs Regarding Foreign Trade Policy of India: A Comprehensive Overview<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_What_is_the_Foreign_Trade_Policy_FTP_of_India\"><\/span>1. What is the Foreign Trade Policy (FTP) of India?<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<p>The FTP is a strategic roadmap designed by the government to promote domestic production and boost exports, contributing to economic growth.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Who_administers_the_FTP_and_under_which_ministry_does_it_operate\"><\/span>2. Who administers the FTP, and under which ministry does it operate?<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<p>The Directorate General of Foreign Trade (DGFT) administers the FTP, operating under the Ministry of Commerce and Industry.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_How_often_is_the_FTP_reviewed_and_why\"><\/span>3. How often is the FTP reviewed, and why?<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<p>The FTP is periodically reviewed to adapt to the changing domestic and international scenario and align with evolving economic needs.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_What_are_the_key_responsibilities_of_the_Department_of_Commerce_in_the_context_of_the_FTP\"><\/span>4. What are the key responsibilities of the Department of Commerce in the context of the FTP?<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<p>The Department of Commerce aims to make India a major player in global trade, developing commodity and country-specific strategies and positioning India as a leader in international trade organizations.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_What_is_the_primary_objective_of_the_FTP_in_terms_of_trade_facilitation\"><\/span>5. What is the primary objective of the FTP in terms of trade facilitation?<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<p>The FTP primarily aims to facilitate trade by reducing transaction costs and time, enhancing the global competitiveness of Indian exports.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_What_are_the_twin_strategies_adopted_by_the_government_for_export_promotion\"><\/span>6. What are the twin strategies adopted by the government for export promotion?<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<p>The government adopts a twin strategy, focusing on both traditional and sunrise sectors of exports, including services, to diversify and strengthen the export base.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"7_How_long_is_the_duration_of_the_Foreign_Trade_Policy_and_when_does_it_undergo_updates\"><\/span>7. How long is the duration of the Foreign Trade Policy, and when does it undergo updates?<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<p>The FTP is typically notified for a five-year duration and undergoes annual updates on March 31, with changes taking effect from April 1.<\/p>\r\n\r\n\r\n\n<figure class=\"wp-block-image size-full is-resized\"><a href=\"https:\/\/edukemy.com\/upsc\/upsc-essay?utm_source=Blog&amp;utm_medium=Banner&amp;utm_campaign=Essay\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" data-src=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/UPSC-Essay-Course-1280\u00d7300-1-3.svg\" alt=\"\" class=\"wp-image-42688 lazyload\" width=\"781\" height=\"182\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 781px; --smush-placeholder-aspect-ratio: 781\/182;\" \/><\/a><\/figure>\n\r\n\r\n\r\n\r\n\r\n<h2><span class=\"ez-toc-section\" id=\"In_case_you_still_have_your_doubts_contact_us_on_9773890604\"><\/span><strong>In case you still have your doubts, contact us on 9773890604<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<p>\r\n\r\n<\/p>\r\n<p>Enrol in Geography Optional by Shabbir Sir: <a href=\"https:\/\/edukemy.com\/upsc\/geography-optional-by-shabbir-sir-foundation-course\" target=\"_blank\" rel=\"noopener\">Here<\/a><\/p>\r\n<p>Enrol in One on One Personalized Mentorship: <a href=\"https:\/\/edukemy.com\/upsc\/prime-one-on-one-personalised-mentorship\" target=\"_blank\" rel=\"noopener\">Here<\/a><\/p>\r\n<p>Enrol in GS Mentorship Program: <a href=\"https:\/\/edukemy.com\/upsc\/gs-foundation-mentorship-program-led-by-shabbir-sir\">Here<\/a><\/p>\r\n<p>Enrol In GS Mains Mentorship Program<a href=\"https:\/\/edukemy.com\/upsc\/gs-mains-mentorship-program-led-by-shabbir-sir\" target=\"_blank\" rel=\"noopener\">: Here<\/a><\/p>\r\n<p>Explore One Integrated Platform for UPSC Prep: <a href=\"http:\/\/askyooki.com\" target=\"_blank\" rel=\"noopener\">Yooki<\/a><\/p>\r\n\r\n\r\n\r\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;\u00a0<a href=\"https:\/\/www.youtube.com\/@ShabbirsEduKemyforIAS\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n","protected":false},"excerpt":{"rendered":"<p>India&#8217;s trade trends and policies hold immense importance not only for its own prosperity but also for the stability and evolution of the global marketplace<\/p>\n","protected":false},"author":17,"featured_media":30437,"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":"no","_lmt_disable":"","footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[261],"tags":[186,2281,232,213,140],"class_list":["post-30433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-geography-general-studies","tag-general-studies-1","tag-trade","tag-upsc","tag-upsc-notes","tag-upsc_preparation_strategy"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.9 - 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