Altius Shodh Journal of Management and Commerce ISSN 2348 8891

AN ANALYSIS OF INDIA'S FOREIGN TRADE POLICY (2015-20)

*Mr. Awadhesh Pathak

*Assistant Professor, School of Commerce

Abstract
This paper analyzes the India's latest foreign trade policy. The Govt. of India introduced economic reforms
since 1991 especially in the trade sector, therefore, in order to see the impact of economic reforms and
development in trade during recent policy on India's export behaviour during the post-reform period and there
has been a perceptible change in the value, composition and direction of India's exports. Foreign trade policy
play vital role to give strength to economy. During 2009-2014 foreign trade policy what kinds of incentive
provision done and which will provide significant role in making of upcoming policy and again boost our economy
so that policy making ensure the goal achieving activity .it is important to analyse the FTP (2015-20)to achieve
the objective of latest policy and ensure the trade development.
Keywords: Foreign trade, policy, economic reforms.

Introduction: However, organised attempts to promote foreign trade

were made only after Independence, particularly with
International trade is an extension of internal trade. It is the onset of economic planning. Indian economic planning
a trade between two different Parts of world. Just like as
completed five decades. During this period, the value,
single region within a country cannot produce everything
composition and direction of Indias foreign trade have
it needs by itself, one single economy cannot produce
undergone significant changes.
every commodity all by itself. This could be due to
differences in the availability of natural resources, skills The reform process involved dismantling the earlier
of people, etc. Foreign trade also f acilitates the
policies, institutions and eco no mic tho ughts and
dissemination of technical knowledge, transmission of
installation of new set of policies, institutions and way of
ideas, and import of know-how/skills, managerial talents
thinking. Economic reform play important role to boost
and entrepreneurship. I n additio n, fo reign trade
encourages movement of foreign capital. Therefore, it economic development in India. In July 1991, the
would be advantageous for a country to indulge in trade government of India embarked on a new economic policy
with other countries, by exporting those commodities with a vision of stabilisation of economy and restructuring
which it produces cheaper in exchange for what others it. The new trajectory of growth was based on the policy
can produce at a lower cost. The foreign trade of a of liberalization, globalisation and privatisation. The
country consists of inward and outward movement of economic policy adopted since then, which is pursued as
goods and services, which result into outflow and inflow an alternative policy for planned development is popularly
of foreign exchange from one country to another country. called the economic reforms or simply reforms. The
In totality, foreign trade can have a profound impact on major policy change was opening up our economy for
the growth of an economy in terms of production, global interaction by way of trade, capital investment,
employment, technology, resource utilisation and so on. and technology transfer and market access. This was
Foreign Trade has been one of the most significant enabled by remo v al o f restrictio ns, controls and
determinants of economic development in a country. bureaucratic/po litical hurdles .All other po licies ,
During present times, International trade is a vital part programmes and initiatives are aligned to facilitate better
of development strategy and it can be an effective
utilisation of scarce resources and attract investments
instrument of economic growth, employment generation
from all around.
and poverty alleviation in an economy.

The origin of Indias foreign trade can be traced back to The study is important because it provide new parameters
the age of the Indus Valley civilisation. and approach to increase our international trade. Indias
foreign trade has come a long way since 1950-51. The
But the growth of foreign trade gained momentum during values of both exports and imports have increased several
the British rule. During that period, India was a supplier times over the period. The value of exports rose from
of food stuffs and raw materials to England and an Rs. 606 crore in 1950-51 to Rs. 1,06465 cr rupee in 1995-
importer of manufactured goods. 96 And from 1997-98 3506million dollar to 217664
m i llio n d o lla r i n 2 0 1 1 - 1 2 . in 2 0 1 3 - 1 4 ex p o rt is
Altius Shodh Journal of Management and Commerce ISSN 2348 8891

reaches13,95,187 crore rupee to 14,65,171 crore rupee drawback. At present, only the additional duty of customs
in 2014-15.we export 20% to western europe,1.1% to / excise duty / service tax is allowed adjustment as
CIS and Baltic state, to Asia and Asian counries 56%,to CENVAT credit or drawback, as per Department of
african countries 6.5%,america (north and south) 10.7% Revenue rules.
of total export. 2. Service Exports from India Scheme (SEIS):
There are five distinct phases in Indias trade policy: (a) Served From India Scheme (SFIS) has been replaced
A. During the first phase 1947-48 to 1951-52 India could with Service Exports from India Scheme (SEIS). SEIS
have liberalised import on account of the restrictions shall apply to Service Providers located in India instead
placed by the UK. of Indian Service Providers.

B. During second phase 1952-53 t0 1956-57 liberalization Thus SEIS provides for rewards to all Service providers
of foreign trade was adopted as the goal of trade policy. of notified services, who are providing services from India,
regardless of the constitution or profile of the service
C. During third phase 1957-58 to 1966 the trade policy provider. The list of services and the rates of rewards
was reoriented to meet the requirement of planned under SEIS are at Annexure-2.
economic development.
(b) The rate of reward under SEIS would be based on
D. The fourth phase started after devaluation of the rupee net foreign exchange earned. The reward issued as duty
in June 1966 and continued till 1975-76. credit scrip, would no longer be with actual user condition
and will no longer be restricted to usage for specified
E. During the last phase 19 75-1976 onwards the types of goods but be freely transferable and usable for
government adopted a policy of import liberalization with all types of goods and service debits on procurement of
view to encourage export promotion. services / goods. Debits would be eligible for CENVAT
credit or drawback.
The EXIM policies were six monthly till 1966 when the
tenure become annual from 1985 onwards, they became 3. Incentives (MEIS & SEIS) to be available for
three yearly and since 1992 they were made five yearly SEZs:
to coincide with five year plan. The name was also
changed from import and export policy to EXIM policy in It is now proposed to extend Chapter -3 Incentives (MEIS
1992 to underline the importance of exports. & SEIS) to units located in SEZs also.

Analysis of Foreign Trade Policy 2015- 4. Duty credit scrips to be freely transferable and
2020: usable for payment of custom duty, excise duty
and service tax:
A. SIMPLIFICATION & MERGER OF REWARD SCHEMES
(a) All scrips issued under MEIS and SEIS and the goods
Export from India Schemes: impo rted against these scrips would be f ully
transferable.
1. Merchandise Exports from India Scheme (MEIS):
(b) Scrips issued under Exports from India Schemes can
(a) Earlier there were 5 different schemes (Focus Product be used for the following:-
Scheme, Market Linked Focus Product Scheme, Focus
Market Scheme, Agri.Infrastructure Incentive Scrip, (i) Payment of customs duty for import of inputs / goods
VKGUY) for including capital goods, except items listed in
Appendix 3A.
rewarding merchandise exports with different kinds of
duty scrips with varying conditions (sector specific or (ii) Payment of excise duty on domestic procurement
actual us er o nly ) attached to their us e. N ow all of inputs or goods, including capital goods as per
theseschemeshavebeenmergedintoasinglescheme, DoR notification.
namely Merchandise Export from India Scheme (MEIS)
(iii) Payment of service tax on procurement of services
and there would be no conditionality attached to the scrips
is s ued under the s chem e. The m ain f eatures o f as per DoR notification. (c) Basic Customs Duty paid in
MEIS,including details of various groups ofproducts cash or through debit under Duty Credit Scrip can be
supported under MEIS and the taken back as Duty Drawback as per DoR Rules, if inputs
so imported are used for exports.
country groupings are at Annexure-1.
5. Status Holders:
(b) Rewards for export of notified goods to notified
markets under Merchandise Exports from India Scheme (a) Business leaders who have excelled in international
(MEIS) shall be payable as percentage of realized FOB trade and have successfully contributed to countrys
foreign trade are proposed to be recognized as
value (in free foreign exchange). The debits towards
basic customs duty in the transferable reward duty credit Status Holders and given special treatment and
scrips would also be allowed adjustment as duty privileges to facilitate their trade transactions, in
order to reduce their transaction costs and time.
Altius Shodh Journal of Management and Commerce ISSN 2348 8891

(b) The nomenclature of Export House, Star Export (b) Henceforth, hardcopies of applications and specified
House, Trading House, Star Trading House, Premier documents would not be required to be submitted
Trading House certificate has been changed to One, to RA, saving paper as well as cost and time for the
Two, Three, Four, Five Star Export House. exporters. To start with, applications under Chapter
3 & 4 of FTP are being covered (which account for
(c) The criteria for export performance for recognition nearl y 7 0 % o f to tal a pplicati o ns in D G F T).
of status holder have been changed from Rupees to
Applications 8 under Chapter-5 would be taken up
US dollar earnings. The new criteria is as under:- 5
in the next phase.
Status category Export Performance FOB / FOR (as
converted) Value (in US $ million) during current (c) As a measure of ease of doing business, landing
and previous two years One Star Export House 3 documents of export consignment as proofs for
Two Star Export House 25 Three Star Export House notified market can be digitally uploaded in the
100 Four Star Export House 500 Five Star Export following manner:-
House 2000.
(i) Any exporter may upload the scanned copy of Bill of
(d) Approved Exporter Scheme Self certification by Entry under his digital signature.
Status Holders Manufacturers who are also Status
Holders w ill be enabled to s elf - certify their (ii) Status holders falling in the category of Three Star,
manufactured goods as originating from India with Four Star or Five Star Export House may upload
a view to qualify for preferential treatment under scanned copies of documents.
different Preferential Trading Agreements [PTAs],
Free Trade Agreements [FTAs], Comprehensive 4. Online inter-ministerial consultations:
Economic Cooperation Agreements [CECAs] and
Comprehensive Economic Partnerships Agreements I t is pro po s ed to h av e o n lin e in ter - m i nis t eri al
[CEPAs] which are in operation. They shall be consultations for approval of export of SCOMET items,
permitted to self-certify the goods as manufactured N o rm s f ix ati o n, I m p o rt Aut ho r is at io n s , Ex po rt
as per 6 their Industrial Entrepreneur Memorandum Authorisation, in a phased manner, with the objective to
(IEM) / Industrial Licence (IL)/ Letter of Intent (LOI). reduce time for approval. As a result, there would not
be any need to submit hard copies of documents for these
B. BOOST TO MAKE IN INDIA: purposes by the exporters.
1. Reduced Export Obligation (EO) for domestic 5. Simplifi ca t io n o f pro ce du re s /pro ce s s e s ,
procurement under EPCG scheme: Specific Export digitisation and e-governance:
Obligation under EPCG scheme, in case capital goods are
procured from indigenous manufacturers, which is (a) Under EPCG scheme, obtaining and submitting a
currently 90% of the normal export obligation (6 times certificate from an independent Chartered Engineer,
at the duty saved amount) has been reduced to 75%, in confirming the use of spares, tools, refractory and
order to promote domestic capital goods manufacturing catalysts imported for final redemption of EPCG
industry. authorizations has been dispensed with.

2. Higher level of rewards under MEIS for export (b) At present, the EPCG Authorisation holders are
items with high domestic content and value required to maintain records for 3 years after
addition. It is proposed to give higher level of rewards redemption of Authorisatio ns. Now the EPCG
to products with high domestic content and value addition, Authorization Holders shall be required to maintain
as compared to products with high import content and records for a period of two years only. Governments
less value addition. endeavour is to gradually phase out this requirement
as the relevant records such as Shipping Bills, e-
3. Online filing of documents/ applications and BRC are likely to be available in electronic mode
Paperless trade in 247 environment: which can be archived and retrieved whenever
required.
(a) DGFT already provides facility of Online filing of
various applications under FTP by the exporters/ (c) Exporter Importer Profile: Facility has been created
im po rters . Ho w ev er, certain do cum ents lik e to upload documents in Exporter/Importer Profile.
Certificates issued by Chartered Accountants/ There will be no need to submit copies of permanent
Company Secretary / Cost Accountant etc. have to records/ documents (e.g. IEC, Manufacturing licence,
be filed in physical forms only. In order to move RCMC, PAN etc.) repeatedly with each application,
further towards paperless processing of reward once uploaded.
schemes, it has been decided to develop an online
procedure to upload digitally signed documents by (d) Communication with Exporters/Importers: Certain
Chartered Accountant / Company Secretary / Cost information, like mobile number, e-mail address etc.
Accountant. In the new system, it will be possible has been added as mandatory fields, in IEC data
to upload online documents like annexure attached base. This information once provided by exporters,
to ANF 3B, ANF 3C and ANF 3D, which are at present would help in better communication with exporters.
signed by these signatories and submitted physically.
Altius Shodh Journal of Management and Commerce ISSN 2348 8891

SMS/ email would be sent to exporters to inform (d) STP units, EHTP units, software EOUs have been
them about issuance of authorisations or status of allowed the facility to use all duty free equipment/
their applications. goods for training purposes. This will help these
units in developing skills of their employees.
Online message exchange with CBDT and MCA
(e) 100% EOU units have been allowed facility of supply
It has been decided to have on line message exchange of spares/ components up to 2% of the value of the
with CBDT for PAN data and with Ministry of Corporate manufactured articles to a buyer in domestic market
Affairs for CIN and DIN data. This integration would for the purpose of after sale services.
obviate the need for seeking information from IEC holders
for subsequent amendments/ updation of data in IEC data (f ) At present, in a period of 5 years EOU units have to
base. achieve Positive Net Foreign Exchange Earning (NEE)
cumulatively. Because of adverse market condition
Communication with Committees of DGFT or any ground of genuine hardship, then such period
of 5 years for NFE completion can be extended by
For faster and paperless communication with various one year.
committees of DGFT, dedicated email addresses have
been pro vided to each N orms Committee, Import (g) Time period for validity of Letter of Permission (LOP)
Committee and Pre-Shipment Inspection Agency for faster for EOUs/EHTP/ STPI/BTP Units has been revised
communication. for faster implementation and monitoring of projects.
Now, LOP will have an initial validity of 2 years to
Online applications for refunds enable the unit to construct the plant and install the
machinery. Further extension can be granted by the
Online filing of application for refund of TED is being Develo pm ent Co m mis s io ner up to o ne y ear.
introducedforwhichanewANFhasbeencreated. Extension beyond 3 years of the validity of LOPS,
6. Forthcoming e-Governance Initiatives: can be granted, in case unit has completed 2/3rd of
activities, including the construction activities. (g)
(a) DGFT is currently working on the following EDI At present, EOUs/EHTP/STPI units are permitted to
initiatives: (i) Message exchange for transmission of transfer capital goods to other EOUs, EHTPs, STPs,
export reward scrips from DGFT to Customs. (ii) Message SEZ units. Now a facility has been provided that if
exchange for transmission of Bills of Entry (import details) such 14 transferred capital goods are rejected by
from Customs to DGFT. (iii) Online issuance of Export the recipient, then the same can be returned to the
Obligation Discharge Certificate (EODC). (iv) Message supplying unit, without payment of duty.
exchange with Ministry of Corporate Affairs for CIN &
DIN. (v) Message exchange with CBDT for PAN. (vi) Facility (h) A simplified procedure will be provided to fast track
to pay application fee using debit card / credit card. (vii) the de-bonding / exit of the STP/ EHTP units. This
Open API for submission of IEC application. (viii) Mobile will save time for these units and help in reduction
of transaction cost.
applications for FTP
(i) EOUs having physical export turnover of Rs.10 crore
7. Other new Initiatives:
and above, have been allowed the facility of fast
New initiatives for EOUs, EHTPs and STPs tr ack cl eara nce s o f i m po rt and do m es t ic
procurement. They will be allowed fast tract
(a) EOUs, EHTPs, STPs have been allowed to share clearances of goods, for export production, on the
infrastructural facilities among themselves. This will basis of preauthenticated procurement certificate,
enable units to utilize their infrastructural facilities issued by customs / central excise authorities. They
in an optimum way and avoid duplication of efforts will not have to seek procurement permission for
and cost to create separate infrastructural facilities every import consignment.
in different units.
8. Facilitating & Encouraging Export of dual use
(b) Inter unit transfer of goods and services have been items (SCOMET):
allowed among EOUs, EHTPs, STPs, and BTPs. This
will facilitate group of those units which source (a) Validity of SCOMET export authorisation has been
inputs centrally in order to obtain bulk discount. This extended from the present 12 months to 24 months.
will reduce cost of transportation, other logistic costs It will help industry to plan their activity in an orderly
and result in maintaining effective supply chain. manner and obviate the need to seek revalidation
or relaxation from DGFT.
(c) EO Us h av e be en a llo w ed f ac ili ty to s et up
Warehouses near the port of export. This will help (b) Authorisation for repeat orders will be considered
in reducing lead time for delivery of goods and will on automatic basis subject to certain conditions. (c)
also address the issue of unpredictability of supply Verification of End User Certificate (EUC) is being
orders. simplified if SCOMET item is being exported under
Defence Export Offset Policy.
Altius Shodh Journal of Management and Commerce ISSN 2348 8891

(c) Outreach programmes will be conducted at different 14. Quality complaints and Trade Disputes: In an
locations to raise aw areness am o ng v arious endeavour to resolve quality complaints and trade
stakeholders. disputes, between exporters and importers, a new
chapter, namely, Chapter on Quality Complaints and Trade
9. Facilitating & Encouraging Export of Defence Disputes has been incorporated in the Foreign Trade
Exports: Policy. For resolving such disputes at a faster pace, a
Committee on Quality Complaints and 18 Trade Disputes
(a) Normal export obligation period under advance
(CQCTD) is being constituted in 22 offices and would have
authorization is 18 months. Export obligation period
members from EPCs/FIEOs/APEDA/EICs.
for export items falling in the category of defence,
military store, aerospace and nuclear energy shall 15. Vishakhapatnam and Bhimavaram added as
be 24 months from the date of issue of authorization Towns of Export Excellence: Government has already
or co-terminus with contracted duration of the recognized 33 towns as export excellence towns. It has
export order, whichever is later. This provision will been decided to add Vishakhapatnam and Bhimavaram
help export of defence items and other high in Andhra Pradesh as towns of export excellence (Product
technology items. Category Seafood).
(b) A list of military stores requiring NOC of Department Conclusion:
of Defence Production has been notified by DGFT
recently. A committee has been formed to create FTP 2015-2020 includes various new initiative, provision
ITC (HS) codes 16 for defence and security items and procedure to provide better condition and ease in
for which industrial licenses are issued by DIPP. foreign trade. It sets the objective to achieve or increase
the annual level of the countrys export to 900 billon dollar
10. E-Commerce Exports:
by 2020. It will make our foreign trade share from 2%
(a) Goods falling in the category of handloom products, (now) to 3.5% in 2020. New FTP (2015-2020) provide
books / periodicals, leather footwear, toys and five year vision to increase our foreign trade, after 2.5
customized fashion garments, having FOB value up year the midterm policy review will made in place of yearly
to Rs.25000 per consignment (finalized using supplement policy made in previously policies through
eCommerce platform) shall be eligible for benefits MEIS and SEIS scheme various new initiative is introduce
under FTP. Such goods can be exported in manual to provide ease in trade and in procedure. FTP makes
mode through Foreign Post Offices at New Delhi, pr o v is io n to enc o ur age E- C o m m erc e an d S EZ
Mumbai and Chennai. development. In totality it makes all plan and procedure
to improve our foreign trade.
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