B.Com Ist Year Export Import Policy Of India Long Short Question Answer
Short Answer Questions
Q.1. What do you understand by “Commercial Policy. Ex-plain its types.
Ans. MEANING OF COMMERCIAL POLICY
International trade plays a vital role in the economic development of a country. The policy which is framed to regulate control and given right direction to foreign trade is known as Export-Import Policy. This policy is also known as commercial policy of the country.
According to Prof. Haberler, “Trade policy or commercial policy refers all those measures which regulate external economic relations of a country. These measures are used by such Regional or Provincial Government which has power to either obstruct or assist the export and import of goods and services.”
Generally, trade policy and commercial policy are used as synonymous, but in real sense both differ from Commercial policy study the matters related to export and im only, whereas trade policy in addition to this includes all oth problems related to international trade.
Most of the developing countries have facing the problem ne deficit in their balance of trade, therefore they have to make effortal to reduce their imports and promote exports. An appropriate and suitable trade policy can help the country to reduce imports increase exports, encourage import of foreign capital, encourage import substitution, help domestic industry to compete better and protect it against dumping, and administer foreign exchange properly.
Thus, commercial policy is a reflector of developmental plans and affects the ovarall economic development of a country.
TYPES OF COMMERCIAL POLICY STUDY NOTES
Commercial policy may be of following two types:
(1) Free Trade Policy: When no restrictions are imposed on imports and exports of goods and services, it is known as free trade policy. In simple words, it is a situation where nations do not impose custom duties or other taxes on the imports of goods from other countries. In such a case, if country impose some taxes on imports, then it aims to increase its revenue and not to restrict the imports.
(2) Protectionist Trade Policy : This policy refers to that situation in which government impose restrictions on imports and exports of goods and services. According to H. L. Hanson, the theory of protection refers to imposition of duties on imports in order to protect home producers of these commodities by making foreiz produced goods dearer. This policy helps the developing countries increasing investment and capital formation and reducing deficit of balance of payment.
Q.2. Discuss the main features of new Export-Import
Policy 2009-14.
Ans. See Page 126-130.
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