Export and import plays an important role in the growth of any country. India is one of the fastest growing export countries. Merchandise exports from India hit a record high of $35.2 billion in July 2021. India is rich in resources and Indian Exporters are in the export import Trade for a long time to sense the opportunity and dive deep into it! The Indian government gives so many benefits to increase the export of the country. If you still are wondering which product to start with, import export training courses will assist you in International Trade.
What is DGFT?
DGFT stands for Directorate General of Foreign Trade (DGFT), is India’s official administering body for imports and exports. DGFT is responsible for exim guidelines and principles for importers and exporters of the country. DGFT was known as the Chief Controller of Imports & Exports (CCI&E) before 1991. As a government body, DGFT strives to maintain and develop exports and trade relationships with different countries.
Role and Functions of DGFT-
DGFT performs its functions in coordination with the state government and all the other departments of the Ministry of Commerce and Industry, Government of India. Some of the major functions of DGFT are-
- Licensing of import and export.
- Formulation and implementation of various trade policies, particularly the Foreign Trade policy.
- Assisting states to develop their infrastructure for exports.
- Formulation and implementation of promotional schemes.
- Establish and control the standard norms for input and output.
- To allocate the tariff rate quota.
- To promote trade with neighbouring countries.
- To make Changes and addition of new codes in ITC- HS Code.
- Setting standard input- output norms.
- Funding export promotion councils, industry and trade associations, agencies of state government. On their various endeavors.
- Platform for using eBRC
- Inform about goods which cannot be exported freely under Export Policy Schedule 2 .
- Grant Export Licenses for restricted items.
Importance of DGFT-
- DGFT helps in improving not only the economic growth but also provides a certain impetus needed in the trade industry.
- It plays an important role to issue Notifications, Public notices, Circulars, etc.
- It grants 10 digit IEC, which is the primary requirement of import export.
- DGFT introduces different schemes from time to time regarding benefits throughout the country.
How DGFT Regulate Trade from India-
DGFT is responsible for formulating and implementing the Foreign Trade Policy with the main objective of promoting India’s exports. The DGFT also issues scripts/ authorization to exports and monitors their corresponding obligations through a network of 24 regional offices. All regional offices provides facilitation to exporters in regard to development in international trade i.e. WTO agreements to help exporters in their import and export decision in an internationally dynamic environment. Sometimes you may have difficulty in understanding the policies and need an expert to make it clear for you. Digital Exim can help you in all your problems of export import. Digital Exim provides India’s only Integrated Export, Import, Shipping, & Logistics Program. Get your doubts clear from one of the best export import business consultancy in India. We give you training and personal consultancy with our years of experienced trade managers. Attend live classes, interact with them and get your problem solved. Joint with us to know A to Z of International trade. Digital Exim export and import training covers all the aspects of export import with our special guidance. Do give us a visit !
