Understanding India's Foreign Trade Policy 2015-2019

India's Foreign Trade Policy (FTP) outlines the government's strategy for boosting exports and managing imports. The policy introduced for the period 2015-2019 (which was later extended) had several key objectives and initiatives aimed at enhancing India's participation in global trade.

Let's examine the statements provided regarding the India Trade Policy 2015-2019:

Analysis of Statements about India Trade Policy 2015-2019

a) Doubling the exports (both merchandise and services)

One of the ambitious goals set by the India Trade Policy 2015-2019 was indeed to double India's exports of both merchandise goods and services by 2020. The target was set at $900 billion by 2019-20 from $465 billion in 2013-14. This statement accurately reflects a major objective of the policy.

b) Achieve 3.5% share in global exports

Alongside doubling exports, another specific target of the India Trade Policy 2015-2019 was to increase India's share in global merchandise exports from about 2% to 3.5% by 2020. This objective aimed at significantly improving India's position in international trade. This statement is also true regarding the policy's goals.

c) Introduced two new schemes (MEIS and SEIS)

The India Trade Policy 2015-2019 rationalized and merged several earlier export incentive schemes into two major schemes:

• Merchandise Exports from India Scheme (MEIS): Aimed at incentivizing export of specified goods to specified markets.
• Service Exports from India Scheme (SEIS): Focused on boosting the export of notified services from India.

These two schemes were central to the incentive framework of the policy, making this statement correct.

d) Introduced simplified Aayat-Niryat Form

The India Trade Policy 2015-2019 placed significant emphasis on simplifying procedures and improving the ease of doing business for exporters and importers. As part of this effort, the application process for obtaining the Importer-Exporter Code (IEC), often referred to by its form name Aayat-Niryat Form, was simplified and made online. This streamlining of the application process aimed to reduce transaction costs and time. Therefore, this statement is also true.

Based on the analysis, all four statements accurately describe aspects, objectives, or initiatives introduced under the India Trade Policy 2015-2019. Therefore, the option indicating that all statements are correct is the right choice.

Revision Table: Key Aspects of FTP 2015-2019

Additional Information on India's Trade Policy

India's Foreign Trade Policy is typically announced by the Ministry of Commerce and Industry. These policies are designed to provide a framework for increasing exports of goods and services, thereby creating employment and increasing production. They include various incentives, procedural reforms, and institutional mechanisms.

The FTP 2015-2019 focused on making it easier for businesses to engage in international trade. Beyond MEIS and SEIS, it also emphasized trade facilitation, resolution of trade disputes, and promoting e-commerce exports. Policies like these are reviewed periodically to adapt to changing global trade dynamics and domestic economic conditions.

Understanding the objectives and features of past trade policies helps in comprehending the evolution of India's approach to integrating with the global economy.