Foreign Trade Policy Foreign Investment, Economic Development International economic organizations
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What is the primary objective of India's Foreign Trade Policy (FTP)?
The primary objective of FTP is to promote India's exports, enhance foreign exchange earnings, and integrate the country into the global trading system while maintaining a favorable balance of trade.
What is the Foreign Trade Policy (FTP) 2023 and when was it launched?
Export promotion policy launched on April 1, 2023, replacing FTP 2015-20.
Which ministry is responsible for formulating and implementing India's Foreign Trade Policy?
The Ministry of Commerce and Industry, through the Directorate General of Foreign Trade (DGFT), is responsible for formulating and implementing India's Foreign Trade Policy.
What is the Services Exports from India Scheme (SEIS)?
Scheme rewarding service exporters with Duty Credit Scrips for foreign exchange earnings.
What is the Merchandise Exports from India Scheme (MEIS)?
MEIS was a scheme under FTP that provided duty credit scrips to exporters of specified goods to specified markets; it has since been replaced by the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme.
What is an Export Oriented Unit (EOU) in the context of India's trade policy?
Units exporting entire production, enjoying duty-free imports of inputs and capital goods.
What does the term 'Balance of Payments' (BoP) refer to in international economics?
Balance of Payments is a systematic record of all economic transactions between residents of a country and the rest of the world during a given period, comprising the current account, capital account, and financial account.
What is the full form of DGFT and what is its role?
Directorate General of Foreign Trade; administers India's foreign trade policy and licensing.
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