Question

Describe the salient features of EXIM policy (2015 – 2020)

Answer 1

The new EXIM policy has been formulated focusing on increasing exports scenario, boosting production, and supporting the concepts like Make in India and Digital India.

1. Reduce export obligations by 25% and give a boost to domestic manufacturing supporting the “Make in India” concept.
2. As a step to the Digital India concept, an online procedure to upload digitally signed documents, and a mobile app for filing tax, stamp duty has been developed.
3. Repeated submission of physical copies of documents is not required.
4. Export obligation period for export items related to defence, military store, aerospace, and nuclear energy to be 24 months.
5. EXIM policy 2015 – 2020 is expected to double the share of India in World Trade from the present level of 3% by the year 2020. This appears to the too ambitious.