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Which of the following organisations is responsible for formulating and implementing the Foreign Trade Policy with the main objective of promoting India's exports?

Which of the following organisations is responsible for formulating and implementing the Foreign Trade Policy with the main objective of promoting India's exports? Correct Answer Directorate General of Foreign Trade (DGFT)

The correct answer is Directorate General of Foreign Trade (DGFT)

 Key Points

  • The Directorate General of Foreign Trade (DGFT) organization is an attached office of the Ministry of Commerce and Industry.
  • Its inception occur in 1991 when liberalization in the economic policies of the Government took place.
  • The organization has been essentially involved in the regulation and promotion of foreign trade through regulation.
  • Liberalization and globalization are the overall objectives of increasing exports.

Additional Information

  • Ministry of Finance
    • Concerned with the economy of India, serving as the Treasury of India.
    • It concerns itself with taxation, financial legislation, financial institutions, capital markets, centre and state finances, and the Union Budget.
  • EXIM Bank
    • ​Exim Bank was established by the Government of India, under the Export-Import Bank of India Act, 1981.
    • Act as a purveyor of export credit, mirroring global Export Credit Agencies.
    • Exim Bank serves as a growth engine for industries and SMEs through a wide range of products and services.
  • ​RBI (Reserve Bank of India)
    • ​The Reserve Bank of India, known as RBI is India's central bank.
    • It is under the ownership of the Ministry of Finance, Government of India.
    • Responsible for the issue and supply of the Indian rupee.

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