Page 62 - International Marketing

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64 International Marketing BRILLIANT'S

1950-51 to 1990-91. Since 1990-91, however, radical changes have been
introduced.
Introduction of Foreign Trade Policy 2009-2014
The post-war period of year 2009, has been facing a major impact of
global recessions. Countries across the world have been affected in vary-
ing degrees. Major economic indicators of industrial production, trade,
capital flows, unemployment, per capita investment and consumption have
taken a hit. Though India has not been affected to that extent, but our
exports have suffered a fall, due to a contraction in demand in the tradi-
tional markets of our exports.
To become a major player in world trade, India has to take a compre-
hensive approach through its Foreign Trade Policy. India has to empha-
size, not only the exports but also on import facilities for the development
of Indian economy. Thus, while incorporating the new Foreign Trade Policy
of India, the past policies should also be integrated to provide the develop-
mental scope of India's foreign trade. This is the main mantra of Foreign
Trade Policy of India.
As per the provisions of the Foreign Trade (Development and Regula-
tion) Amendment bill, 2009,
 The government may make provisions for facilitating and control-
ling foreign trade.
 It may prohibit, restrict, regulate and even exempt, the exports
and imports.
 It is authorized to formulate, announce and update, the EXIM policy,
by providing notification in the Official Gazette.
 It is also authorized to appoint a Director General of Foreign Trade
(DGFT) for the purpose of the Act, including formulation and imple-
mentation of the EXIM policy.
Accordingly, the Government of India, Ministry of Commerce and In-
dustry announces EXIM policy after every five years. The basic aim of the
policy is to develop export potential, improving export performance, en-
couraging foreign trade and creating favourable balance of payment posi-
tion. It is a set of guidelines or instructions established by the DGFT in
matters related to the Export and Import of goods in India. The EXIM
policy is updated at the end of every financial year. The Government of
India, Ministry of Commerce and Industry announced New Foreign Trade
Policy on August 27, 2009 for the period of 2009-2014. Earlier this policy
was known as EXIM policy and now it is known as Foreign Trade Policy.