Reliable Indian Exporters, India

By Author: Indian Industry
Total Articles: 163
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It is export promotion only that holds out the promise in such countries. We in our country in particular cannot ignore the launching of export promotion drive, for in the early stages of our planned economic development imparts are inevitable. The solution of making payment of imports lies in mak­ing payments from our own export earnings.

In a developing economy like ours export promotion is a pre­condition for economic development and also for evolving a self-reliant and self-generating economy Export promotion will be useful in many ways. First of all, it will be useful in removing the unfavourable position of balance of trade. Secondly, it will be helpful in providing markets for certain goods and extending dome­stic markets for certain other goods. Thirdly, export promotion will form the basis for the success of our development projects and economic planning. And lastly, export promotion will render the benefits of large-scale production available to the producers which, in its turn, will reduce the cost of production strengthening further the export promotion base.

With ...
... the impressive industrial development since independence India's foreign trade has undergone a complete change and is no longer confined to a few countries trading in few commodities. The numbers of commodities exported from the country are now more than three thousand as against fifty at the time of independence. Similarly, there has been a great increase in imports on account of the development needs of the country. During recent years there has been a substantial increase in the imports due to rise in the oil prices.

The exports from the country have not only gone up but also witnessed an increasing diversification in recent years. The largest share of India's exports goes to OPEC countries. Next in the rank are the countries of European common Market. The major items of India's exports are jute manufactures, iron ore, raw cotton, cotton manufactures, coffee, spices, leather and leather manufactures, handicrafts, tobacco etc.

To impart dynamism to the country's efforts to expand and diversify exports, a series of measures have been put into operation. These measures are listed below:

Production for export has been put outside the licensed capacity for any industrial undertaking.

Exports are excluded while computing the production of an undertaking for considering the question of its "dominance" under Monopolies & Restrictive Trade Practices Act (MRTP Act).

It has been decided that in allowing automatic expansion to the industrial units including those under MRTP Act, favourable consideration will be given for previous export performance etc.