IB0015- Foreign Trade of India

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ASSIGNMENT

DRIVE WINETR	FALL 2015
PROGRAM	MBADS (SEM 4/SEM 6) MBAFLEX/ MBAN2 (SEM 4) PGDIB (SEM 2)
SUBJECT CODE & NAME	IB0015- Foreign Trade of India
SEMESTER	4
BK ID	B1908
CREDITS	4
MARKS	60

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

1 Give a brief overview of India’s foreign trade since independence.

Answer : India has formal diplomatic relations with most nations; it is the world's second most populous country, the world's most-populous democracy and one of the fastest growing major economies. With the world's eighth largest military expenditure, third largest armed force, tenth largest economy by nominal rates and third largest economy in terms of purchasing power parity, India is a regional power,a nascent great power and a potential superpower. India's growing international influence gives it a prominent voice in global affairs. The Economist magazine argues, however, that underinvestment in

2 What is the role of services exports in recent years in India’s composition of trade? Discuss.

Answer : Role of services exports in recent years in India’s composition of trade

Foreign Trade is one of the significant macro fundamental variable of an economy. India till recently was predominantly a primary goods exporting and mainly an industrial goods importing country.

In 1950s, India's share in the world trade was 1.78% which was decline to 0.59% in 1990 and continues to remain around 0.60% till now. India's share in world exports was 0.8% in 2006.

A. Composition of India's Exports

3 Discuss the salient features of Foreign Trade Policy 2009-14.

Answer : The foreign trade policy 2009- 14 was announced by the union commerce minister on August 27, 2009.The new Foreign Trade Policy (FTP) takes an integrated view of the overall development of India’s foreign trade and goes beyond the traditional focus on pure exports.

This would be clear from the following statement in the policy document, "Trade is not an end in itself, but a means to economic growth and rational development. The primary purpose is not the mere earning of foreign exchange, but the stimulation of greater economic activity."

The government unveiled a mix of procedural measures and fiscal incentives to trade with non- traditional destinations to bolster export order books drying out in two top regional markets-the US and the European Union.

4 Write short notes on:

a. Export promotion councils

Answer : The basic objective of Export Promotion Councils is to promote and develop the exports of the country. Each Council is responsible for the promotion of a particular group of products, projects and services. The list of Export Promotion Councils (EPCs) and specified Agencies/ Boards which shall be regarded as EPCs are given in Appendix - 31 of the Handbook

The main role of the EPCs is to project India's image abroad as a reliable supplier of high quality goods and services. In particular, the EPCs shall encourage and monitor the observance of international standards and specifications by

b. India Trade Promotion organization

Answer : India Trade Promotion Organisation (ITPO) is synonymous with the country's trade promotion around the world all round the year. Indeed at ITPO, the promotion of trade is an exacting mission, translating into a search for new frontiers and new horizons in the world of commercial interactions, both at macro and micro levels. A mission that finds expression in the successful organisation of trade exhibitions in India and abroad, buyer-seller meets, promotion through department stores, contact promotion

5 What are Special Economic Zones? Write one sentence each on any 5 SEZs in India.

Answer : A Special Economic Zone (SEZ) is a geographical region that has economic laws that are more liberal than a country's typical economic laws. The category 'SEZ' covers a broad range of more specific zone types, including Free Trade Zones (FTZ), Export processing zones (EPZ), Free Zones (FZ), Industrial Estates (IE), Free ports, Urban Enterprise Zones and others. Usually the goal of a structure is to increase foreign direct investment by foreign investors, typically an international business or a Multi National Corporation (MNC).

6 What is the need and role of Focus Market Scheme? Discuss in detail.

Answer : Focus Market Scheme

The objective of the Focus Market Scheme is to offset the high freight cost and other disabilities to select international markets with a view to enhance our export competitiveness to these countries.

Exports of all products to the notified countries shall be entitled for duty credit scrip equivalent to 2.5% of the FOB value of exports for each licensing year commencing from 1st April, 2006. The scrip and the items imported against it would be freely

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