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Organizations Involved in Export Promotion

The Government of India aims to make India a major player in world trade by establishing specialized institutions that assist exporters across various sectors. These organizations include the Directorate General of Foreign Trade (DGFT), Indian Institute of Foreign Trade (IIFT), and Reserve Bank of India (RBI), among others. Here is a detailed explanation of the roles and functions of DGFT, IIFT, and RBI in export promotion.

Directorate General of Foreign Trade (DGFT)

  • Role and Function:
  • Regulation and Promotion: Initially focused on regulating and promoting foreign trade.
  • Facilitation: Post-1991, DGFT has taken on the role of facilitator, aiding exporters with developments in international trade such as WTO Agreements, Rules of Origin, and anti-dumping issues.
  • Support and Guidance: DGFT's regional offices provide necessary guidance to exporters to help them make informed decisions in a dynamic international environment.

Indian Institute of Foreign Trade (IIFT)

  • Establishment: Founded on May 2, 1963, as an autonomous body.
  • Role and Function:
  • Research and Training: Primarily focuses on research and training related to foreign trade.
  • Deemed University Status: Awarded the status of 'Deemed to be University' in May 2002 by the University Grants Commission (UGC), recognizing its comprehensive achievements in the field of international business education and research.

Reserve Bank of India (RBI)

  • Role and Function:
  • Monetary Authority: Acts as the central banking institution of India, controlling the monetary policy of the Indian rupee.
  • Regulatory Oversight: Oversees all financial operations related to foreign exchange under the Foreign Exchange Management Act (FEMA), 1999.
  • Support for Exporters: Provides guidelines and facilities for exporters, including facilitating foreign currency loans and ensuring smoother transactions in international trade.
  • Project EPC Coordination: Acts as a coordinating agency for Indian project exporters to secure and execute overseas projects, ensuring compliance with RBI guidelines.

Additional Key Organizations in Export Promotion

  • Export Credit Guarantee Corporation Ltd (ECGC): Provides export credit insurance services to Indian exporters.
  • Export Promotion Councils (EPCs): Numerous councils such as the Engineering Export Promotion Council of India (EEPC), Pharmaceuticals Export Promotion Council of India (PHARMEXCIL), and Gem and Jewellery Export Promotion Council (GJEPC), play pivotal roles in promoting specific sectors of India’s export.
  • Special Economic Zones (SEZs) and 100% Export Oriented Units (EOUs): Facilitated by specific Export Promotion Councils, these zones and units focus on increasing exports by providing beneficial economic conditions for export-oriented activities.
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