Foreign Trade Policy, Foreign Investment, 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 while ensuring a stable import regime for essential goods.
What is the Foreign Trade Policy period for 2023-28 and who announced it?
Five-year policy announced by Ministry of Commerce and Industry.
Which ministry is responsible for formulating and implementing India's Foreign Trade Policy?
The Ministry of Commerce and Industry is responsible for formulating and implementing India's Foreign Trade Policy through the Directorate General of Foreign Trade (DGFT).
What is the target for India's export of goods and services under FTP 2023-28?
Target is to reach USD 2 trillion in exports by 2030.
What is the role of the Directorate General of Foreign Trade (DGFT)?
DGFT is the nodal agency under the Ministry of Commerce that implements the Foreign Trade Policy, issues Importer Exporter Code (IEC), and regulates trade licenses and export-import permissions.
What does the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme reimburse?
Taxes and duties at central, state, and local level not refunded elsewhere.
What is an Importer Exporter Code (IEC) and who issues it?
IEC is a 10-digit code mandatory for any person or entity engaged in export or import of goods and services in India, issued by the Directorate General of Foreign Trade (DGFT).
What is the sectoral FDI cap for the defence sector under automatic route in India?
Up to 74% FDI is permitted under automatic route in defence.
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