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The exports and imports that a country makes together make up its
foreign trade. If exports are more than imports, it is called trade surplus
and if imports are more, it is called trade deficit. India almost every year
since Independence had a trade deficit.
Exports are foreign exchange earners. They stabilise and strengthen the
exchange rate, if they grow. They may be necessary for some importsfor example, jems and jewellery industry imports stones and carves them
into jewelry in India. Experts make the domestic economy efficient as
international market requires high quality low price goods and services.
Imports are important for exports, domestic capital formation and
consumption. They make domestic producers competitive.
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Export Composition
Great changes in the sectoral compostion of Indias export basket seen in
the 2000s decade have accelerated in the beginning of this decade. While
the share of petroleum crude and products increased by 11.8 percentage
points during the 10-year period from 2000-1 to 2009-10, it further
increased by 4.8 percentage points from 2009-10 to the first half of 201112. The share of the other two sectors, i.e. manufactures and primary
products fell almost proportionately by 11.6 and 1.1 percentage points
respectively during 2000-1 to 2009-10 and 1.4 and 2.2 percentage points
from 2009-10 to the first half of 2011-12. The inter-sectoral composition
changes within manufactures exports have also been great -
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Under the FMS in the Foreign Trade Policy, fifty two (52) African
countries, thirty one (31) Latin American countries, ten (10)
Commonwealth of Independent States-Central African Republics, five
(05) East European countries, eleven (11) Asia-Oceania block countries
and one (01) Asian county have been notified for benefit on exports of
all products.
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Cutting down the peak customs duty that stood at above 300% in 1991
to 10% in 2009 to import goods and services primarily for facilitating
exports
Simplification of procedures
SEZs
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FTAs/Cepa/Ceca
WTO-led schedule for global trade integration
Incentives exporters like DEPB, interest rate subsidy (subvention) etc.
Sector specific packages
diversification
The effect is that exports have registered remarkable growth; created
employment; given the country adequate forex; made the economy
competitive; brought in FDI etc.
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In recent years, one of the important objectives of trade policy has been
to integrate it with the process of economic development and creation of
more employment opportunities.
However, in recent years, the exports have not been doing well and their
share in the countrys exports has been declining.
Government identified 12 export sectors as employment intensive
textiles and garments, leather goods, gems and jewellery, cereals,
horticulture, flowers, fruits and vegetables, dairy products, processed
foods, toys and sports goods, pharmaceuticals, automobiles and autocomponents consumer electronics and electronic hardware.
Special efforts are needed to promote exports from these labourintensive sectors.
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Market studies,
Setting up of showroom / warehouse,
Sales promotion campaigns,
International departmental stores,
Publicity campaigns etc.
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The Duty Entitlement Pass Book (DEPB) scheme was discontinued with
effect from 30.09.2011. Since a Duty Drawback Scheme was already in
existence, the erstwhile DEPB products were incorporated in the Duty
Drawback Schedule (DDS) 2011-12 with effect from 01-10-2011.
Approximately 1100 additional entries were made in the DDS for those
erstwhile DEIB products that were not already specifically mentioned in
the DDS. Appropriate rates of duty drawback were provided across the
DDS. These range from 1 per cent to 17 per cent of FOB value. Many of
the export goods with duty drawback rates more than 3 per cent have
been provided with drawback caps.
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