G.S. -PAPER-III-IAS MAINS-Draft export policy unveiled

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.

Details:

• The draft policy is circulated among various departments for suggestions and feedback.
• Based on inputs received it is proposed to bring out a comprehensive exportspolicy for all ITC (HS) tariff codes including items which are ‘free’ for export and do not currently exist in the policy.
• It would cover conditions/restrictions imposed by partner government agencies on export.
• The draft policy aims at consolidating the export norms for each product as applicable at different government agencies.
• The updated draft has been prepared by including all existing policy conditions, all notifications and public notices issued after January 2018. Besides, it also includes non-tariff regulations imposed by different government agencies.
• A similar policy exists for import purposes as well.

ITC-HS code:

• ITC-HS Codes are Indian Trade Clarification based on Harmonised System of Coding.
• It was adopted by India for import-export operations.
• Every product has been accorded eight digit HS codes.
• 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. 

Q : What are the product specific norms of the Export Policy of India ? How can these norms be helpful in the promotion of exports of India ?

Q: What is the ITC-HS Coding ? How can ITC-HS Coding  be helpful in the promotion of trade ?

Courtesy 

BYJU.com