EXIM OVERVIEW IN INDIA
Foreign trade in India is promoted and facilitated by the Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry (MoCI). The DGFT issues the authorisation to exporters and monitors their corresponding obligations through a network of 38 regional offices. The DGFT also implements the Foreign Trade Policy of India.
Foreign Trade Policy (FTP) is the prime policy that lays down simple and transparent procedures which are easy to comply with and administer for efficient management of foreign trade in India. The Policy aims at enhancing the country’s trade for economic growth and employment generation. The Customs Tariff Act and the Central Excise Tariff Act are the other two important Acts which lay down how the duties of Customs and Excise shall be levied on trade, respectively.
India’s total exports (merchandise and services) increased by 9.06% year-on-year and reached $ 331 bn during 2018-19.