Business

What Is The Contribution Of Exports In The Economic Growth Of The Country

The exports of the country play a vital role in the economic growth of the country, they also have a significant role in the country’s GDP. Export is defined as the selling of the goods outside of the country, it has a great contribution in employment generation of the country, and this is the reason Government has introduced various export promotion schemes to promote the exports in the international market.

Export promotion schemes introduced under foreign trade policy:-

Export Incentive schemes:-

The government introduced MEIS Scheme and SEIS Scheme for goods exporters and service exporters respectively to provide the incentive in the form of duty credit scrip to promote the goods and service exports from the country.

Import Authorization Schemes:-

The government has launched an Advance authorization scheme to allow duty-free import of raw materials required to manufacture the export goods and EPCG scheme to allow machinery at zero custom duties.

Employment generation

Export industries have the potential to generate a large number of employees, it offers a viable path for job creation. Increasing exports lead to better jobs and higher wages in the country. The Government of India has launched various export promotion schemes to promote the exports in the international market which include the MEIS Scheme which was launched in 2015 April for the exporters of the goods, SEIS Scheme introduced for service exporters of the country. Advance authorization scheme/ EPCG scheme was launched to save the custom duties on import of raw materials and Capital goods.

World Trade Organization

World Trade Organization is an International organization that deals with the formation and implementation of rules and regulations for foreign trade between two nations or more.

The head office of WTO is in Geneva, Switzerland. The main objective of WTO is to boost the export and reduce the trade barriers, it is run by member Government. All the decisions are taken by its members. The members include communications experts, lawyers, economists, and statisticians who assist its members

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