Test: Export-Import Policy - Bank Exams MCQ

The EPCG Scheme allows for the duty-free import of capital goods required for the production of export goods, provided the importer meets specific export obligations. This scheme supports manufacturers in enhancing their production capabilities.

India's overall exports grew by 13.84% in FY 2022-23 compared to the previous fiscal year. This growth highlights the increasing competitiveness and expansion of Indian exports in the global market.

The Bharatmala Pariyojana focuses on developing a national highway network and improving connectivity across districts. This initiative aims to facilitate trade and transportation, thereby boosting economic development.

The Customs Tariff Act and the Central Excise Tariff Act are crucial as they define how Customs and Excise duties are to be levied on trade. These acts are essential for the regulation of tariffs on imported and exported goods.

The Sagarmala Programme aims at port modernization, better port connectivity, industrialization, and the development of coastal communities. This initiative is vital for reducing logistics costs and promoting economic growth through efficient maritime trade.

The DGFT is responsible for issuing authorizations to exporters and monitoring their compliance with trade regulations. This ensures that foreign trade operates smoothly and aligns with India's economic growth objectives.

The Duty-Free Import Authorisation (DFIA) scheme permits the importation of inputs without paying Basic Customs Duty, provided that the minimum value addition achieved is 20%. This scheme encourages exporters by reducing their costs of production.

While railway expansion is crucial for overall trade facilitation, it is not one of the four main pillars of the Sagarmala Programme, which focuses on port modernization, connectivity, industrialization, and community development.

The Oil Meals sector experienced the highest growth rate at 55.13% among the mentioned sectors. This significant increase reflects the global demand for oil meals and India’s capacity to meet that demand through exports.

The Federation of Indian Export Organizations (FIEO) plays a crucial role in promoting Indian exports and supporting exporters through various initiatives, including policy advocacy and market development. This organization acts as a bridge between the government and the exporting community.