The new policy will be reviewed after two-and-a-half years and not annually as was the practice earlier.
Further, apart from the existing Board of Trade, a Council for Trade Development and Promotion will be set up comprising representatives from states and Union Territories. The areas under the ambit of FTP are focus product scheme, market-linked focus product scheme, focus market scheme, agri infrastructure incentive scrip and Vishesh Krishi Gram Udyog Yojana.
What is the strategy for meeting them? Who should set and announce targets—the commerce ministry or the external affairs ministry?
The answers are not available yet Exports are not favours or acts of charity but they are either necessities or because they come at cheaper prices and better quality than same products at home. India is not a global producer of necessities. It does not have ample resources of oil, gas, minerals and nuclear material.
Nor does it have as broad a manufacturing base producing as cheap and varied items as China. The problem is what India tries to do in case of its trade is also done by the other nations and India is not very good at this game. Textiles As far as textiles are concerned, India no longer has the advantage in garments.
Vietnam, Bangladesh, Cambodia and Nepal, just to mention the neighbouring countries, cut, stitch and sew fabric faster and cheaper than India. Gems and Jewellery Gems and jewellery lost luster all over the world. Except the Chinese and Indians, the rest of the world, particularly the West, is not fascinated by jewellery made of yellow gold. In Diamonds, India is still the largest diamond-processing centre in the world.
But poor business conditions are driving out processors to other facilities like the Gemopolis export zone in Bangkok. Services Ireland, the Philippines and even Bangladesh, are speaking better English and working longer for providing outsourcing services.
So, again competition. While the non-English speaking world is desperately learning English to stay relevant, India is learning it lesser and does not mind giving up its BPO advantages. In services like nursing and basic education, India is unable to match the certification requirements of most countries.
Indian consumers might be denied access to imports and forced to buy substandard products.
The rest of the world cannot be. These are vastly different times and Donald Trump is a very different president.
All this put aside, the US will continue to dictate the international trade agenda. This places India in a difficult position on multiple levels. Exports to European Union declined from This further reached the all-time low of 0. In , the UK accounted for The US still remains the single largest exporting country to India.
However, this subsequently declined to 5. However, this share plummeted to 0. However, it subsequently started declining steadily and reached to about Among the manufactured goods, gems and jewellery, which accounted a meagre 0. Besides, the share of readymade garments also grew remarkably from 0.
The exports of agricultural and allied products that comprised a significant It further declined significantly to The share of jute and jute products sharply dropped from 21 per cent in to 0. The composition of exports of manufactured goods from India in consisted of gems and jewellery An analysis of the share of major exports of India in world exports as given in Table 3.
However, the imports witnessed a significant shift Fig. The fertilizers accounted for 1. However, its import came down to 1. The share of cereal imports came down from India became a net exporter of food grains, a fact that highlights the success story of the green revolution in India.
However, the growing demands due to the rising population pressure and the vagaries of rain keep creating the need to import food grains from time to time. Subsequently, as a result of the comprehensive strategic measures taken to increase oilseed production, the import share declined to 0.
Article shared by. The new Foreign Trade Policy (FTP) takes an integrated view of the overall development of India's foreign trade and goes beyond the. Peculiarities of Foreign Trade during Eighties 4. Composition of Foreign Trade in India 5. Directions of Foreign Trade in India 6. Foreign Trade Policy of India.
However, it further increased to 3. As India evolved its own capacity for manufacturing capital goods, its import share of capital goods declined substantially from The exports of these services were matched by corresponding imports. Therefore, the software services were mainly responsible for the surplus in services trade. Over the years, the composition of services exports from India has undergone considerable change.
Transportation accounted for Besides, the share of travel increased from