FOREIGN TRADE POLICY, FOREIGN INVESTMENT AND ECONOMIC DEVELOPMENT
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What is the primary objective of India's Foreign Trade Policy (FTP)?
The primary objective of FTP is to promote exports, enhance foreign exchange earnings, and integrate India into the global economy by creating a conducive trade environment.
What is the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme?
Scheme refunding embedded taxes and duties on exported goods.
Which ministry is responsible for formulating India's Foreign Trade Policy?
The Ministry of Commerce and Industry is responsible for formulating India's Foreign Trade Policy, with the Directorate General of Foreign Trade (DGFT) as the implementing authority.
What is the full form of DGFT?
Directorate General of Foreign Trade.
What is the validity period of the current Foreign Trade Policy 2023?
The Foreign Trade Policy 2023 has been announced with a perpetual validity, meaning it will remain in force until superseded, replacing the earlier practice of five-year policy periods.
What is the Duty Drawback scheme in export promotion?
Refund of customs/excise duties paid on inputs used in exported goods.
What does the term 'EXIM Policy' refer to in the context of India's foreign trade?
EXIM Policy refers to the Export-Import Policy of India, which is the earlier name for what is now called the Foreign Trade Policy, governing the rules and regulations for exports and imports.
What is the significance of Current Account Surplus in a country's economy?
Country exports more than it imports, improving foreign exchange reserves.
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