Uber Chill Saturday. Anyway, today’s learnings – EXIM Policy of India
EXIM Policy of India – Features
- EXIM Policy of India is a set of rules and regulations which are related to the import and export of goods
- It is adopted by any country regarding the export and import of goods and services with other countries of the world and it is aimed at increasing the country’s exports and use trade expansion as an effective instrument of economic growth and employment generation.
Types of EXIM Policy
- Free Trade Policy – Where there are no restrictions of exchange of Goods and Services between countries that are trading, no limitation on production or consumptions, no taxation, subsidies or tariffs and these kinds of policies are prevalent in developed countries.
- Protective Trade Policy – Protective trade policy aims to protect the domestic economy from external competition in goods which might threaten the domestic market for their products and goods and it is highly prevalent in developing economies like India.
Significance of EXIM Policy
- EXIM Policy of a country helps to establish a framework for globalization and promotes productivity and competitiveness through export and import.
- It also helps to facilitate sustained growth in exports and imports, encourages quality standards and facilitates stable pricing.
- Finally it facilitates access to raw materials, intermediaries, consumable and capital goods from international market and stimulates sustained economic growth by enhancing technological efficiency.
So this was all about EXIM Policy. Stay tuned for more details!
