The previous inward-looking trade policies were replaced by the EXIM policy in April 1992. The Government of India introduced the EXIM policy to liberalize imports and boost exports. This opened a new era in India's foreign trade. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”? Get an original essay About Foreign Trade Policy (EXIM Policy): Director General of Foreign Trade (DGFT) sets guidelines for import and export of goods. Foreign Trade Development and Regulation Act 1992 regulates this policy. Import and export procedures, promotional measures and related policies are documented in the EXIM policy. ​​Changes in the EXIM policy are announced by the Union Commerce Minister. The Government of India notifies its policy every 5 years since the year. 1992. Objectives of EXIM policy: EXIM policy divided into two; Import policy: regulation and management of imports Export policy: promotion and regulation of exports EXIM policies post liberalization: Exim policy 1992 -1997 To provide stability and continuity, the policy of Export and import was designed for the duration of 5 years. Previous policies were developed for a period of 3 years and therefore less stable. All changes are made by the central government in the public interest. Important step towards economic growth in India. Export Policy 1997 – 2002 A new export and import policy was necessary for the smooth functioning of the Indian import-export trade. Imports were further liberalized. The duty has been reduced from 15% to 10% on the import of capital goods. Practices favoring Indian exports in international trade were introduced. Licensing requirements have been reduced; restrictions on quantity have been reduced, free import and export of goods (except goods on the negative list). Provision of additional SIL of 1% for export of agri-food products. Encourage foreign investment in India by allowing 100% equity participation in EOUs. Encouraged Indian industries to undertake research and development programmers and improve the quality of their products. Encourage domestic sourcing of raw materials, in order to build a strong domestic production base. Exim Policy 2002 – 2007. Foreign trade relations reached a level where goods and services were imported and exported. .Companies providing export services have received the status of service provider since 1.4.1999. To provide access to essential inputs for production and thus achieve sustainable economic development. To combine technological and local strength improving the efficiency of Indian agriculture and service industry. healthy competition by creating opportunities. Make internationally acceptable quality standards accessible. Thus, the main objective of EXIM policy or foreign trade policy is: To maintain and promote foreign trade. , then Minister of Industry and Commerce, Kamal Nath changed the name of EXIM policies to foreign trade policies. The reason was that it was more appropriate to talk about foreign trade policy, because the policy had to go beyond exports and imports. It was a step towards an integrated approach to trade development.