Import and Export are two significant areas of any international business. Import means, ‘to bring in the products or services from another country’, whereas, Export means, ‘to ship products or services to the foreign countries’
International trading also called as Import – Export businesses are one of the most commercial trends in the modern era. US, Canada, Japan, China, Soviet Union are the top most Import-Export countries in the past two decades.
Indian Import Export Business
Importers and Exporters directories are available to ease the international trading opportunities. A foreign trader can have the wide options to choose their trading partners in the international markets. Besides these, the directory also offers value added services to facilitate end to end business interactions between the international trading communities.
United States (US) is India’s largest trading partner. India’s major exports to US includes, IT services, Offshore solutions, chemicals, gems and diamonds, iron and steel products, coffee, tea, and other edible food items. On the other side, India’s major imports include, Medical Equipments, Aircrafts, Computer Parts, Fertilizer and Scrap Metals.
Indian Government stated out a bold vision to double India’s share in the foreign trade in the span of five years. The recent trade figure shows that India is achieving accelerated growth and development in terms of Import-Export trade business.
In this modern era, developed countries tries to outsource their work to the countries like India which offers cost effective business solutions with its large skilled work force. US., UK, Canada, and Australia are the four prominent countries offering Information Technology Services to India due to which additional employment has been emerged among the youth.
India’s FTP strategy aimed to achieve double percentage of share in the field of global merchandise trading within the span of five years. Moreover, the FTP decided to introduce focus initiatives in the intensive areas of agriculture, handicrafts, handlooms, gems & jewellery and leather & footwear sectors.
Indian Government proposed the removal of Cess duty on the agricultural and plantation products. The total worth of exports was estimated to be $ 74 billion with a growth rate of 16%, the quick initial estimates indicates the actual growth in the very first year Policy period of almost $ 80 billion contributing to the growth rate of 24% compare to last year’s exports.
The recent Import-Export Policy indicated the Target Plus Scheme aiming at rewarding incremental exports would continue in the year 2005-06, with modifications issued separately for prevention of misuse, if occurs.
Government is set to focus in resolving the outstanding problems and conflicts pertaining to the past policy periods by way of Grievance Redressal Committee (GRC). The GRC will work on areas such as:
regularizing breaches by exporters in bonafide cases
Author Resource:-
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