Export policy

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Topic covered:

  1. Government policies and interventions for development in various sectors and issues arising out of their design and implementation.

 

Export policy

 

What to study?

For prelims and mains: key features, need, challenges and significance of the policy.

 

Context: The Commerce Ministry has come out with a comprehensive draft of the export policy which includes product- specific rules with a view to provide a ready reckoner for exporters.

 

Highlights of the Draft Export Policy, 2019:

  • The draft policy aims at consolidating the export norms for each product as applicable at different government agencies.
  • It is proposed to bring out a comprehensive exports policy for all ITC (HS) tariff codes (including items which are ‘free’ for export and do not currently exist in the policy), covering conditions/restrictions imposed by partner government agencies on exports.
  • The compendium will help an exporter know all the applicable norms pertaining to a particular product, helping him/her understand policy conditions for that item.
  • Consolidating norms
  • This exercise is for consolidating the norms and not for making any changes in the existing export policy of the country. It also includes non-tariff regulations imposed by different government agencies.

 

Additional facts:

ITC (HS) codes are better known as Indian Trade Clarification (ITC) and are based on Harmonized System (HS) of Coding. It was adopted in India for import-export operations. Indian custom uses an eight digit ITC (HS) code to suit the national trade requirements.

Any changes or formulation or addition of new codes in ITC-HS Codes are carried out by DGFT (Directorate General of Foreign Trade).

 

Sources: the Hindu.