1. Foreign Trade Policy

3. promote their exports so that their expanding industries could secure foreign markets. Discriminating Protection – Import restriction since 1923 to protect domestic industries against foreign competition

4. Features Restricted imports using import licensing, import quotas, import duties etc. Banning or keeping to the minimum the import of non-essential consumer goods Comprehensive control of various items of imports Liberal import of machinery, equipment, and other developmental goods to support heavy industry-based economic growth Afavourable climate for the policy of import substitution. Setting up of trading institutions and through other fiscal measures, subsidies etc. the promotion of exports

6. BOP with dollar adverse  boost exports in above dollar area

7. The second phase: 1952–53 to 1956–57

8. Import licenses liberalized

9. Reducing export duties

10. Abolishing export quotas

11. The third phase: 1957–58 to June 1966

12. Export promotion drive launched

13. Import – substitution industries encouraged

14. The fourth phase started after devaluation of the rupee in June 1966

15. Liberalized imports and expand exports

16. Last phase after 1975–76

19. Cash Compensatory Scheme – Cash subsidy scheme designed to compensate the exporters for unrebated indirect taxes and to provide resources for product development.

20. Import Replenishment Licenses (REP) – It enabled exporters to import inputs where the domestic substitutes were not adequate in terms of price, quality etc.

22. Status Holder Incentive Scheme (SHIS) – It entitles the status holders such as trading houses, star trading houses etc for additional duty scrip @ 1% of the FOB value of exports.

24. Barmer (handicrafts), Bhiwandi (textiles) and Agra (leather goods) declared Towns of Export Excellence. Steps announced to reduce transaction cost of exports. Leather sector allowed to re-export of unsold imported raw hides and skins and semi-finished leather from public bonded warehouses, without export duty. List of items allowed for duty-free import of gems and jewellery sector expanded. Scrips issued under Served From India Scheme (for services sector) can be used for payment of duty on import of vehicles. Instant tea and CSNL Cardinol included for five per cent duty benefit.