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Various Sectors of Indian Economy :
Service Sectors : Business services, communication services, financial services, community services, hotels and restaurants and trade services are among the fastest growing sectors.
Agriculture : This sector is the main economic sector in India and which has an important part for the social and economic growth of India. Agriculture, forestry, logging and fishing are coming under this sectors.
Industry : Textile industry, Automobile, Mining, Quarrying, Manufacturing and Electricity, Gas, Water Supply etc. are coming under this sector.
Policy of Foreign Trade (2004 - 2009):
For the first time a comprehensive trade policy is being notified. It takes an integrated view of the overall development of India's foreign trade. Export is of vital importance for the growth of the Indian economy and so various considerations are to be taken to improve the foreign trade in all aspects. Coherence and consistency among trade and other economic policies will help India become a major player in the world trade.
Objectives Of Foreign Trade Policy :
The main objective of the Foreign Trade Plolicy is to expand the Indian share in Global Merchandise Trade by 2009. Foreign trade policy will be an effective instrument of economic growth through providing thrust to employment generations including semi urban and rural areas of the country.
Strategy Of Foreign Trade Policy :
The main strategies of foreign trade policy are to facilitate technological and infrastructural growth of all sectors of the Indian Economy.
- To avoid inverted duty structures.
- To upgrade physical and virtual infrastructural activities to international standards.
- To Revitalize the Board of Trade through redefining its role, providing its due recognition and inducting experts on trade policy.
- To activate our embassies as main players in the export strategy.
- To use our commercial hands abroad by an electronic platforms.
- To create an atmosphere of trust as well as transparency.
- To simplify the procedures and make less transaction expenses.
- To adopt the fundamental principle that duties and levies should not be exported.
- To identify and have different special focus areas for developing India in the world for trade, manufacturing (production) and services.
