Foreign Trade Policy Agenda In this session, you will learn about: Foreign Trade Policy, Objectives Highlights Latest 5 year period: Effective 27 th August 2009 expired on March 31, 2014 This policy lays down the ground rules & modifies them for carrying out the countrys exports and imports Formulated by the Ministry of Commerce and Industry of Government of India Prescribes general provisions related to imports & exports Provides special focus initiatives, duty exemption and remission schemes Takes promotional measures to help exporters compete in the global marketplace Foreign Trade Policy 4 >Rs. 41,000 Crore of revenue was sacrificed by govt. on export promotion schemes during , in favour of exporters The commerce Ministry make annual revisions to the policy Export promotions, duty exemptions & remission schemes require the approval of the finance ministry Notifications for implementing most of the schemes are passed by the department of revenue Foreign Trade Policy 2009 2014 (Contd.) International Trade is dynamic Market conditions change frequently Foreign Trade Policy 2009 2014 (Contd.) Revision with requisite changes is done annually as instead of once in every 5 years Administered for Notifications on Policy through Directorate General of Foreign Trade (DGFT) Revenue through Department of Customs and Central Excise Foreign Exchange through Reserve Bank of India Foreign Trade Policy 2009 2014 (Contd.) Increase exports To double Indias share in global trade by 2020 Additional support to recession-hit sectors To double Indias exports by 2014 Objectives Objectives of Foreign Trade Policy Highlights Highlights of Foreign Trade Policy Higher support for market development - FMS Product Diversification - MLFPS Technology Upgradation - EPCG scheme New Towns of Export Excellence - Specific Towns Recognized Status Holders Additional duty credit scrips Marine Sector EPCG exemptions Highlights Highlights of Foreign Trade Policy Gems and Jewellery Sector Additional Facilities Agri, Pharma, Leather, Handloom Additional benefits Encouragement to value added manufacturing AAS, FPS Flexibility to Exporters customs duty payment Simplification of procedures and reduction of transaction costs Directorate of Trade Remedy set up Stakeholders to Foreign Trade Policy ?????? ???? Directorate of Revenue Intelligence Department of Customs and Central Excise Authorized Dealer Banks Stakeholders to Foreign Trade Policy Ministry of Commerce & Industry Directorate General of Foreign Trade Ministry of Finance Central Board of Customs and Central Excise Reserve Bank of India Q A & Thank You For Your Attention