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Follow Us on Google NewsThe Reserve Bank of India has allowed the settlement of international trade between India and Malaysia to be conducted in Indian Rupee (INR) in addition to other currencies. This move is aimed at promoting the growth of global trade and supporting the interests of the global trading community in the INR. This is particularly relevant as India imports a large amount of palm oil and its derivatives from Malaysia to meet the country's huge domestic edible oil demand.India International Bank of Malaysia (IIBM) has operationalized this mechanism by opening a Special Rupee Vostro Account through its Corresponding Bank in India, Union Bank of India. The Ministry of External Affairs has released an official statement on Saturday announcing this initiative.More information about the trade settlement can be accessed on the bank's website, www.Indiainternationalbank.com.my. Meanwhile, India has recently unveiled its new Foreign Trade Policy (FTP) 2023, which seeks to boost the country's exports to USD 2 trillion by 2030 and has a specific focus on international trade settlement in rupees.The government of India has been working towards making the Indian Rupee a global currency and allowing international trade settlement. This mechanism will help in internationalizing the Indian currency in the long run. A currency can be termed "international" if it is widely accepted worldwide as a medium of exchange.India has so far been able to conduct rupee-denominated trade with only a few countries but is in close coordination with several others to expand this initiative. The move towards INR as a mode of international trade settlement is expected to have a significant impact on bilateral trade between India and Malaysia, and could also have wider implications for international trade involving other countries.
The government has received requests from Export Promotion Councils and leading exporters that we should continue with current Foreign Trade Policy (2015-20), which had been extended from time to time. In recent days, exporters and industry bodies have strongly urged the government that in view of the prevailing, volatile global economic and geo-political situation, it would be advisable to extend the current policy for some time, and undertake more consultations before coming out with the new policy. You may also access more Articles and News Items from News Online Media Punjab’s wonderful website.
What do you know about Foreign Trade Policy?
FTP is one of those policies that help India grow its share in world trade. Let’s learn more about FTP and its implementation.
DGFT established the Foreign Trade Policy (FTP), a set of guidelines and instructions in matters related to the import and export of goods in India. The Ministry of Commerce and Industry of the Union Government announces Policy of Export-Import every five years.
The Department of Commerce has the duty of compulsion to make India a major player in trade and assume leadership in international trade organizations in commensurating with India’s growing importance at the Global level. Department of Devises Commodity and Specific Strategy of Country in the medium term and strategic plan and FTP in the long run.
The same is also responsible for special economic zones (SEZs), state trading, export, multilateral and bilateral commercial relations, promotion, trade facilitation, and development and regulation of export-oriented industries and commodities.
What is foreign trade policy?
Foreign trade in India is promoted and operated by the Directorate General of Foreign Trade (DGFT) under the Department of Trade and Industry (MoCI). DGFT issues permit exporters to monitor their corresponding obligations through a network of 38 regional offices.
It is the most crucial policy that sets out transparent and straightforward procedures that are easy to comply with and manage foreign trade in India effectively.
It aims to improve world trade, enhance the economy and create jobs.
The Sales Tax Act and the Basic Tax Act are two other crucial laws determining how property taxes and income taxes will be levied on trade.
While the external environment plays a crucial role in the success of export policies, it is also essential to address the challenges within India. It includes infrastructure restrictions, high transaction costs, complex processes, production challenges, and adequate diversity in Indian services.
India has signed a Trade Regulation Agreement (TFA) with the WTO, simplifying and reducing transaction costs.
About 70% of India's exports include products that account for only 30% of world trade. The government is looking at other promising product groups such as protective equipment, medical equipment, agricultural processing, textile technology, and chemicals.
EXIM Policy
Export-Import Policy is a set of guidelines and instructions related to importing and exporting goods. The Government of India introduced the five-year Export-Import Policy (1997 2002) under Section 5 of the International Trade Law (Development and Control Act), 1992, and it covers the period from 2002 to 2007.
The Export Policy is updated annually by 31st March, and new modifications, improvements and schemes are effective from 1st April each year. All changes or changes related to the EXIM Policy are announced by the Minister of Trade and Industry, who liaises with the Department of Finance, the General Department of Foreign Trade, and the regional office network.
India's exports remained strong in the wake of the epidemic, which has impacted the country's trade in trade services by 2020. India's share in global trade exports has increased from 3.5% in 2019 to 4.1% by 2020, leading to India's level of foreign trade commercial services from 8th to 7th by 2020.
Current India foreign trade policy
The current Policy (2015-20) focuses on developing the Indian market share in existing markets and products and exploring new products and new markets.
India Foreign Trade Policy also considers assisting exports in reaping the benefits of GST, carefully monitoring export performance, improving cross-border trade. It is increasing fulfillment from India-based agricultural exports and encouraging exports from MSMEs sectors that need more staff.
The categories of goods and materials that recorded good growth in June 2021 last year are other grains, Petroleum products, Man-made yarn/fabrics./made-ups, etc., Jewelry and jewelry, Meat, milk, and poultry products. The average amount of service delivery for June 2021 is $ 17.35 bn, showing a positive growth of 9.16% compared to June 2020.
India's total sales (Sales and Services combined) July 2021 * estimated at $ 54.95 bn, showing a positive growth of 36.19% over the same period last year and a positive growth of 23.24% in July 2019. Total exports in July 2021 * are estimated at $ 57.29 bn, indicating a positive growth of 50.15% over the same period last year and a positive growth of 10.60% in July 2019.
Conclusion
India's Foreign Trade Policy (FTP) provides a basic framework for exports and strategies to improve trade. It is updated periodically to suit the changing domestic and international environment.
The government aims at promoting the export of high-quality products, whereas India has a strong domestic production base, which includes engineering goods, electronics, drugs, medicine, textiles and agriculture. It is in addition to the ongoing push for AYUSH and the Indian services sector.
