India’s Foreign Trade Policy

Composition of India’s foreign trade, export of principal commodities from India, import of principal commodities in India, Trends and direction of foreign trade, Major problems of India’s export sector. Balance of Payment: Concept, Components of BOP, Balance of trade, Importance of BOP.

Foreign Exchange Management Act (FEMA), Customs Act, Export( Quality control and inspection) Act.
Current Foreign Trade policy of India: Objectives, Main provisions

Director General of Foreign Trade (DGFT), Export Promotion Council (EPC), Commodity Boards, Indian Institute of foreign trade (IIFT), Export Import Bank of India (EXIM), Export Inspection Council (EIC), Indian Institute of Packaging (IIP), Indian Council of Arbitration (ICA), India Trade Promotion Organization (ITPO), Federation of Indian Export Organizations (FIEO).

Export Processing Zones (EPZ), Export Oriented Units (EOU), EPIP, Special Economic Zones (SEZ), Software Technology Park (STP), Electronic Hardware Technology Park (EHTP), Export & Trading Houses. Incentives & Assistance: Export Promotion Capital Goods Scheme (EPCG), Duty exemption, Duty drawback, Tax Exemption, Market Development Assistance, Market Access Initiative.

Levels of Regional Economic Integration-Free trade area, customs union, economic union and common market, Generalized System of Preferences (GSP), Global System of Trade Preferences (GSTP).
Objective & importance of establishment of South Asian Association for Regional Cooperation (SAARC), Association of South East Asian Nation (ASEAN), European Union (EU), South Asian Free Trade Area (SAFTA)