India 2018

Commerce 95
Imports of Principal Commodities
Disaggregated data on import of principal commodities, in Dollar terms,
available for the period Apr-Sep (2017-18) (P) as compared to Apr-Sep (2016-
17). Import of the top five commodities during the period Apr-Sep (2017-18)
(P) registered a share of 42.48 per cent mainly due to significant import of
petroleum crude; pearls, precious and semi-precious stones; gold; telecom
instrument and coal, coke and briquettes, etc.
Special Economic Zones
India was one of the first in Asia to recognise the effectiveness of the Export
Processing Zone (EPZ) model in promoting exports, with Asia's first EPZ set
up in Kandla in 1965. To overcome the shortcomings on account of multiplicity
of controls and clearances, absence of world-class infrastructure and an unstable
fiscal regime and with a view to attract larger foreign investments in India, the
Special Economic Zones (SEZs) Policy was announced in April 2000. This policy
intended to make SEZs an engine for economic growth supported by quality
infrastructure complemented by an attractive fiscal package, both at the Centre
and the state level, with minimum possible regulations. SEZs in India functioned
from 2000 to 2006 under the provisions of the Foreign Trade Policy and fiscal
incentives were made effective through the provisions of relevant statutes.
The SEZ Act, 2005, supported by SEZ Rules, came into effect in 2006,
providing simplification of procedures and single window clearance on matters
relating to central and state governments. The main objectives of the SEZ Act
are: generation of additional economic activity; promotion of exports of goods
and services; promotion of investment from domestic and foreign sources;
creation of employment opportunities; and Development of infrastructure
facilities.
Major Achievements
Foreign Trade Policy
The Foreign Trade Policy (FTP), 2015-2020 seeks to provide a stable and
sustainable policy environment for foreign trade in merchandise and services;
link rules, procedures and incentives for exports and imports with other
initiatives such as "Make in India", "Digital India", "Skill India" and "ease of
doing business" to promote the diversification of India's export basket by helping
various sectors of the Indian economy to gain global competitiveness. The
Foreign Trade Policy through its various schemes serves the objective of
neutralization of duty incidence, encourage technological up gradation and
provides promotional measures to boost India's exports with the objective to
offset infrastructural inefficiencies and associated costs involved in order to
provide exporters a level playing field. The FTP has been suitably modified to
incorporate the relevant GST provisions.
Export from India Schemes
The FTP 2015-20 has merged 6 incentive schemes {Focus Product Scheme (FPS),
Focus Market Scheme (FMS), Market Linked Focus Product Scrip (MLFPS),