IB0015- Foreign Trade of India

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ASSIGNMENT

DRIVE	FALL 2016
PROGRAM	Master of Business Administration- MBA
SEMESTER	Semester 4
SUBJECT CODE & NAME	IB0015- Foreign Trade of India
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.

Question.1. Write a note on composition of India’s foreign trade?

Answer: Composition of foreign Indian foreign trade means major commodity or sectors in which India is doing export and import. India is a very old participant in world trade. Indian foreign trade registered a number of structural changes during the planning period. The percentage of non- traditional goods in total export has increased i.e, export of chemical and engineering goods have shown a good rise. Some other items are gems and Jewellery. India is making export of few traditional goods like; tea, coffee, rice, pulses, spices, tobacco, jute, iron ore etc.

Question.2. Explain the composition of India’s import in detail?

Answer: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.

Question.3. What are the main features of India’s foreign trade policy and what are the various EPCG schemes?

Answer:EPCG scheme allows import of capital goods for pre production, production and post production (including CKD / SKD thereof as well as computer software systems) at 3% Customs duty, subject to an export obligation equivalent to 8 times of duty saved on capital goods imported under EPCG scheme, to be fulfilled in 8 years reckoned from Authorisation issue-date. In case of agro units, and units in cottage or tiny sector, import of capital goods at 3% Customs duty shall be allowed subject to fulfillment of export obligation equivalent to 6 times of duty saved on capital goods imported, in 12 years from Authorisation issue- date.

b. Commodity boards

Answer:There are five statutory Commodity Boards under the Department of Commerce. These Boards are responsible for production, development and export of tea, coffee, rubber, spices and tobacco.

Coffee Board

·       The primary functions of the Board include formulating and implementing programmes and projects for growth and development of the coffee industry.

·       Promoting coffee consumption in India and exports in the international market.

·       Supporting research.

Question.5. What are the various schemes under India’s foreign trade policy?

Answer:India's Foreign Trade Policy also known as Export Import Policy (EXIM) in general, aims at developing export potential, improving export performance, encouraging foreign trade and creating favorable balance of payments position. Foreign Trade Policy is prepared and announced by the Central Government (Ministry of Commerce). Foreign Trade Policy or EXIM Policy is a set of guidelines and instructions established by the DGFT (Directorate General of Foreign Trade) in matters related to the import and export of goods in India.

Question.6. Write a short note on WTO and dispute settlement?

Answer:Dispute settlement is the central pillar of the multilateral trading system, and the WTO’s unique contribution to the stability of the global economy. Without a means of settling disputes, the rules-based system would be less effective because the rules could not be enforced. The WTO’s procedure underscores the rule of law, and it makes the trading system more secure and predictable. The system is based on clearly-defined rules, with timetables for completing a case. First rulings are made by a panel and endorsed (or rejected) by the WTO’s full membership. Appeals based on points of law are possible.

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