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The DGFT (Director General of Foreign Trade) facilitates and promotes Indian Foreign Trade under MoCI (Ministry of Commerce and Industry). Foreign Trade Policy is the prime EXIM Policy to manage the simple Foreign Trade as import or export in the country India to enhance the growth of employment and economy in India. The EXIM Bank coordinates the institutions which deal with financing the export and import of the country India. It catalyzes facilitating and promoting the integration of India with the economy globally by facilitating and financing the international investment and trade of India.
It helps in pre and post-shipment, in export product development and its production along with technology export-import and abroad investment. It deals with the Government of India’s strategies and policies implementations for enhancing the Indian partnership globally and economically. Recently, this bank introduced USP (Ubharte Sitaare Programme) for supporting companies in India to excel in export trading and marketing. EXIM Bank of India helps rural enterprises through technical and financial interventions to achieve international foreign markets in their quest.
Headquarters of EXIM Bank
The headquarters of EXIM Bank are as follows;
1) In India
Mumbai
Ahmedabad
Chandigarh
Bangalore
Chennai
Hyderabad
Guwahati
New Delhi
Kolkata
Pune
2) Overseas
Addis Ababa
Abidjan
Dubai
Washington
Dhaka
London
Johannesburg
Yangon
Singapore
EXIM Policy
EXIM Policy or the Export-Import Policy is the policy that sets the instructions and guidelines for the Exim export and import of goods and services from or to India. The Indian Government acquired this EXIM Policy for 5 years from the year 1997 to the year 2002 under Foreign Trade (Development and Regulation Act), 1992 Section 5. This policy is updated on 31st March every year and the new schemes, improvements and modifications came into effect every year on 1st April. Foreign Trade Policy is the other name of the EXIM Export-Import Policy.
The latest EXIM Policy is the Foreign Trade Policy 2021-2026 which was released on 1st April. Due to COVID-19 Pandemic, the existing Exim policy lengthens its period for 6 months more and will now be valid up to 30 September. This policy outlines the steps and strategies of the government to encourage domestic export and production for stimulating the growth of the economy.
Objectives of EXIM Policy
The objectives of the policy are as follows;
To promote or facilitate or stimulate the continuous or constant growth in the economy in India’s Exim export and import by providing essential intermediates, raw materials, components etc.
To speed up economic activities.
To strengthen the Indian industry, services and agriculture.
To reduce illiteracy and enhance employment in the country.
To enlarge the efficiency and strength of technology in agricultural industries.
To promote the production of high and best quality cost-effective products to the customer. Its most important and salient feature is canalisation.
Schemes for Indian Export
Some of the schemes are as follows;
MEIS (Merchandise Exports from India Scheme).
SEIS (Service Exports from India Scheme).
Online inter-ministerial consultations.
Duty Exemption.
E-commerce exports.
Trade disputes and quality complaints.
DFTP (Duty-Free Tariff Preference) Scheme.
Forthcoming e-Governance Initiatives.
Reduced EO (Export Obligation) under Export Promotion Capital Goods scheme for domestic procurement.
Conclusion
EXIM Bank or Export-Import Bank give guidelines for the export and import of goods and developed several policies to ensure this export and import which are collectively known as EXIM Policy or Foreign Trade Policy. It helps to establish the business in foreign countries and provide finance to it. It aims to promote and enhance the trade of the country in economy and employment.
