What are the main features of the foreign policy for 2015-2020?

What are the main features of the foreign policy for 2015-2020?

FTP 2015-20 introduces two new schemes, namely ‘Merchandise Exports from India Scheme (MEIS)’ for export of specified goods to specified markets and ‘Services Exports from India Scheme (SEIS)’ for increasing exports of notified services.

What are restricted items for import?

List of items prohibited for import into India:

• Other meat and edible meat offal, fresh, chilled or frozen of wild animals.
• Pig fat, free of lean meat and poultry fat, not rendered or otherwise extracted, fresh, chilled, frozen, salted, in brine, dried or smoked.

What is the foreign export policy of 2009 to 14?

The Foreign trade Policy which was announced on Thursday August 28, 2009 is an integrated policy for the period 2009-14. Objectives of Foreign Trade Policy 2009-14 : To arrest and reverse declining trend of exports is the main aim of the policy. This aim will be reviewed after two years.

What is the objective of foreign trade policy 2015-20?

The new five year Foreign Trade Policy, 2015-20 provides a framework for increasing exports of goods and services as well as generation of employment and increasing value addition in the country, in keeping with the “Make in India” vision of our Hon’ble Prime Minister.

Who announced the new foreign trade policy from 2015 to 2020?

the Directorate General of Foreign Trade
“The existing Foreign Trade Policy 2015-20 which is valid upto March 31, 2022 is extended upto September 30, 2022,” the Directorate General of Foreign Trade said in a notification. Following the outbreak of Covid-19, the policy was first extended by a year to the end of March 2020 and then to September 30.

What are the 3 restrictions of trade?

The three major barriers to international trade are natural barriers, such as distance and language; tariff barriers, or taxes on imported goods; and nontariff barriers. The nontariff barriers to trade include import quotas, embargoes, buy-national regulations, and exchange controls.

What are the three trade policies?

3 Types of Trade Agreements

• Unilateral Trade Agreement.
• Bilateral Trade Agreements.
• Multilateral Trade Agreements.

What is meant by export policy?

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.

What is the meaning of Exim?

Exim Bank was established by the Government of India, under the Export-Import Bank of India Act, 1981 as a purveyor of export credit, mirroring global Export Credit Agencies.

Who announced foreign trade policy 2015 2020?

The Government of India, Ministry of Commerce and Industry announced New Foreign Trade Policy on 01st April 2015 for the period 2015-2020, earlier this policy known as Export Import (Exim) Policy.

Which is latest foreign trade policy?

Besides FTAs, a new Foreign Trade Policy (FTP) is also long awaited. Revisited and notified every five years since the 1991 economic reforms, the FTP has been the guiding beacon for all stakeholders. It has been delayed since April 2020 and further extended by six months up to September 30, 2022.

What is latest foreign trade policy of India?

The 2015 FTP incentivised exports by issuing duty-credit scrips directly in proportion to exports. However, in 2020 the government limited the maximum export incentives for goods to Rs. 20 million, and in 2021, limited them to Rs. 20 million for services.

What are trade barriers?

Trade barriers include tariffs (taxes) on imports (and occasionally exports) and non-tariff barriers to trade such as import quotas, subsidies to domestic industry, embargoes on trade with particular countries (usually for geopolitical reasons), and licenses to import goods into the economy.

What are the types of trade policies?

TYPES OF TRADE AGREEMENTS

• Free Trade Agreement.
• Preferential Trade Agreement.
• Comprehensive Economic Partnership Agreement.
• Comprehensive Economic Cooperation Agreement.
• Framework agreement.
• Early Harvest Scheme.

What trade policy means?

Trade policy refers to a nation’s formal set of practices, laws, regulations, and agreements that govern international trade practices, or imports and exports to foreign countries. Trade policies aim to strengthen the domestic economy.

What is EXIM policy and its objectives?

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.