- Government policies and interventions for development in various sectors and issues arising out of their design and implementation.
What to study?
For prelims and mains: key features, need, challenges and significance of the policy.
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.
Highlights of the Draft Export Policy, 2019:
- The draft policy aims at consolidating the export norms for each product as applicable at different government agencies.
- It is proposed to bring out a comprehensive exports policy for all ITC (HS) tariff codes (including items which are ‘free’ for export and do not currently exist in the policy), covering conditions/restrictions imposed by partner government agencies on exports.
- 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.
- Consolidating norms
- This exercise is for consolidating the norms and not for making any changes in the existing export policy of the country. It also includes non-tariff regulations imposed by different government agencies.
ITC (HS) codes are better known as Indian Trade Clarification (ITC) and are based on Harmonized System (HS) of Coding. It was adopted in India for import-export operations. Indian custom uses an eight digit ITC (HS) code to suit the national trade requirements.
Any changes or formulation or addition of new codes in ITC-HS Codes are carried out by DGFT (Directorate General of Foreign Trade).
Sources: the Hindu.