Table of ContentsSummaryIntroductionLiterature ReviewOverview of Indian Foreign TradeThe Main Objectives of EXIM POLICY 2015-2020New Era of Indian Foreign TradeSummaryConclusionReferencesSummaryIndian foreign trade has come a long way in terms of value since gaining independence in 1947 After liberalization in 1991, the growth of Indian trade accelerated. Over the past decade and today, the composition of trade is dominated by manufactured goods and services. The share of Indian services sector exports in global exports is more than double that of Indian exports. Under the central governments, “MAKE IN INDIA” projects are underway in our economy. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essayIntroductionForeign trade is recognized as the most important determinant of the economic development of a country, all over the world. India's foreign trade is governed by the Foreign Trade Act, 1992 and the securities and orders issued thereunder. Payments for import and export transactions are governed by the Foreign Exchange Management Act, 1999. The Customs Act, 1962 governs the physical movement of goods and services by various modes of transport. To make India a producer and exporter of quality goods and services, besides projecting such an image, an important Export Act of 1963 is in vogue. Even the Exim 2002-2007 policy emphasizes the simplification of procedures, in order to significantly reduce transactions. costs. International trade is an essential element of development strategy and can be an effective instrument for economic growth, job creation and poverty reduction. With changing market conditions almost daily requiring rapid response and, more importantly, anticipation of future needs, it is essential that the framework works in order to keep pace. Literature Review India's foreign trade policy was recently announced against the backdrop of reduced global trade growth forecast and lack of growth momentum in Indian exports. Over the past three to four years, the growth of merchandise exports has remained stable. Recently, the World Trade Organization also revised its global trade growth forecast to 3.5 percent, from 4 percent previously, due to the continued slowdown in the global market. The government is relying on strategic, systematic and structural changes to be able to achieve the ambitious goal. It aims to bring missionary zeal to support export growth by synchronizing all ministers, departments and state governments, facilitating export procedures and documents, and ensuring better competitiveness and branding of products and services exported from India. There are three key elements to the government's export growth strategy. First, the government intends to catalyze merchandise exports by diversifying markets and products by participating in the global value chain, improving the branding and competitiveness of Indian products and reducing transaction costs through online processing of authorizations, thereby improving the ease of doing business. For the government, part of the strategy is to boost service exports by allowing tax incentives in the form ofSEIS certificates and ensuring that the agreement that India is proposing to sign or has signed in the recent past. The third, and most important, part of the strategy is to focus more on using trade deal routes to accelerate the export of goods and services. India has already entered into agreements on trade in goods with Japan, Korea, Singapore…etc., but the uptake of these agreements has been very low. Objective of Indian Foreign Trade: Understand the importance of foreign trade in the world. Understanding relations between foreign countries trade and economic development of India. Linking rules, procedures and incentives for exports and imports with other initiatives such as 'Make in India', Digital India' and Skills India' to create an 'export promotion mission' for India. Overview of Indian Foreign Trade The period 1900-1914 saw the expansion of India's foreign trade. The increased production of crops such as oilseeds, cotton, jute and tea was due largely to a thriving export trade. The First World War was a serious setback for India's foreign trade. India's foreign trade was severely affected by the Great Depression of the 1930s due to declining consumer purchasing power and discriminatory trade policies. During World War II, India achieved a huge export surplus. Raj period: Import and export neglected by the government, decrease in GDP, restriction on new licenses. Post-liberalization era: New licensing rule, modified import and export policy. Components of Indian Foreign Trade: In India, exports and imports are regulated by foreign trade. Act of 1992, which replaced the Import and Export Act of 1947 and gave the Indian government enormous powers to control it. The main features of the Act are as follows: - It empowered the Central Government to make provisions for the development and regulation of foreign trade. in facilitating imports and increasing exports from India and for all matters connected therewith or incidental thereto. The central government may prohibit, restrict and regulate exports and imports, in all or specified cases, as well as subject them to exemptions. Under the law, every importer and exporter must obtain an “Importer-Exporter Code Number” from the Director General of Foreign Trade or the official so authorized. It provides for the appointment of a Director General of Foreign Trade by the Central Government for the purposes of the Act. It will advise the central government in the formulation of export and import policy and in the implementation of this policy. The Director General or any other officer so authorized may suspend or cancel a license issued for the export or import of goods in accordance with law. But it does so after giving the licensee a reasonable opportunity to be heard. The main objectives of the EXIM POLICY 2015-2020 Facilitate sustained growth of the country's exports in order to achieve a greater percentage in global merchandise trade. consumers with good quality goods and services at internationally competitive prices as well as creating a level playing field for domestic producers. Drive sustainable economic growth by providing access to essential materials, intermediates, components, consumables and capital goods needed to increase production and..