Impact of Foreign Trade Policies on Indian Economy

Abstract

The Foreign Trade Policy of 2014-19 should aim at doubling the India's share in world trade from the present level of 3% by the year 2020. By taking measures for import substitution on one side, the forthcoming policy should focus on increasing exports. EXIM Policy presently known as "Foreign Trade Policy" (nomenclature changed from 2004-09 Policy) is considered as an Important Engine of Economic Development in India. Foreign Trade Policy is announced by the Ministry of Commerce; Govt of India which remains valid for a period of 5 years with the amendments, modifications, introduction of new schemes, etc every year after the Finance Budget is announced.