EXIM policy should be more transparent which should favour export environment The EXIM policy (Foreign trade policy) was announced on 27th August 2009 for the period 2009-2014. It was announced at a juncture when the world was recuperating from the economic downturn. The downturn had caused a sharp contraction in international trade and adversely impacted global investments. The world trade suffered a drastic reduction of 12%. In this context, the EXIM policy focussed on arresting declining exports. Market diversification strategy was adopted in order to reach out to non traditional destinations in Africa ,Latin America and Asia since there was a sharp decline in demand in the traditional market. Technological up gradation of exports was encouraged and transaction procedures were simplified to reduce costs. Other steps planned wee to concentrate on Labour intensive sectors and the draft policy parameters to enhance the competitiveness of our exports by promoting technology upgrades.A Committee of Experts was constituted to revamp the procedures of transactions and administer the value chain of exports. Amidst the current global economic turmoil, the Indian government should take prudent steps to avoid the recurrence of another recession. In light of the recent developments, the EXIM policy should encourage exports and stimulate international trade. While, the current EXIM policy mentions a considerable emphasis on exports, a detailed check is required if the trade is actually adhering to the policies framed and if the transparency is being maintained in the transactions.
a) Currency printing should be done by private top 3 financial institutions in the country. The Reserve Bank of India manages the currency in the country with the help of the advice from the government of India. RBI distributes notes and rupee coins to other bank branches through certain selected currency chest branches. Printing additional currency should be done in a controlled manner...
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