Export Import Policy or better known as Exim Policy is a set of guidelines and instructions related to the import and export of goods.
The Government of India notifies the Exim Policy for a period of five years (1997 2002) under Section 5 of the Foreign Trade (Development and Regulation Act), 1992.
The current policy covers the period 2002 2007. The Export Import Policy is updated every year on the 31st of March and the modifications, improvements and new schemes becames effective from 1st April of every year.
All types of changes or modifications related to the Exim Policy is normally announced by the Union Minister of Commerce and Industry who coordinates with the Ministry of Finance,
the Directorate General of Foreign Trade and its network of regional offices.
Trade and Exporting to India
“Despite pressing problems such as significant overpopulation, environmental degradation, extensive poverty, and widespread corruption, the economic growth following the
launch of economic reforms in 1991 and a massive youthful population are driving India's emergence as a regional and global power,” according to the CIA Factbook. In addition,
India’s diversified economy and increased role in the global economy make it a good trade partner to consider for interested U.S. exporters.
In 2019, Indian GDP growth slowed to 4.8% (from more than 7% in 2018) to $8.98 trillion as measured by a Purchasing Power Parity (PPP) basis that adjusts for price differences.
Data from the U.S. Commercial Service’s 2020 India Country Commercial Guide shows that, despite declining overall levels of global trade volumes, the U.S. remained India’s largest trading partner in 2019. Exports of U.S. goods and services to India reached $59.6 billion and imports from India reached $87.3 billion. The U.S. also remained India’s top export market, while India was the 12th biggest export market for U.S. goods in 2019.
