1. Baltic Dry Index (BDI)
2. India’s Chief import exports
3. Market Diversification
4. Top three trading partners
5. Trade surplus / deficit?
6. WTO Negotiations and India
7. Trade agreements
   1. PTA
   2. FTA
   3. Customs Union
   4. Common Market
   5. Economic union
   6. CEPA vs CECA
8. India’s trade agreements
9. Trade agreements: Recent development
   1. Problem Areas: Export
   2. Problem Areas: Ease of Doing business
10. Measures to improve trade?
    1. Foreign Trade Policy annual supplement 2013
    2. Salient Features FTP Annual Supplement 2013
    3. E-BRC
    4. ASIDE scheme
    5. Towns of Export Excellence
    6. Interest Subvention
    7. Special Economic Zones
    8. VKGuy
    9. RBI’s measures
    10. Anti-Dumping
11. Chindu’s budget speech (2013): Foreign Trade
    1. CAD worrysome
    2. To boost trade
    3. Taxation: Export
    4. Coal dependence
    5. IT
12. What is countervailing duty (CVD)?
13. Conclusion
14. Important Summits
15. Trade Blocs/ Regional Groups
16. Mock Question

Baltic Dry Index (BDI)

• London based Baltic Exchange, releases this index number on daily basis.
• It measures changes the cost to transport raw materials by sea.
• If Baltic Dry index number increases = more raw material is getting shipped= world economy is doing good (and will do good).
• If Baltic Dry index number decreases = there is decrease in export of raw material / pre-production items= something bad is about to happen with world economy.
• In the recent times, BDI was highest in 2008 and then started falling. There was a small rise in BDI index during Nov.2012, but still it is nowhere near to the high level of 2008.
• Meaning, world economy hasn’t yet recovered from the fallout in US and EU.

India’s Chief import exports

Import	Export
Petroleum Gold Electronic goods Pearls, precious stones Machinery except electronics	Petroleum (crude and products) Gems and jewelry Transport equipment, machinery Drugs, pharmaceuticals, chemicals

^As per Commerce chapter India 2013 (Yearbook.)

• Compositional changes in India’s export basket have been taking place over the years.
• The share of manufacturing exports fell drastically, mainly due to the fall in shares of traditional items like textiles and leather and leather manufactures even though the share of engineering goods and chemicals and related products increased.

The rise or fall in India’s export depends mainly on following factors

• World growth
• Trading partner’s growth
• Exchange rates

Market Diversification

• India has been fairly successful in diversifying its export markets from developed countries like the US and Europe to Asia and Africa
• This has helped us get reduce the damage from global crisis of 2008 and the recent global slowdown.
• Region-wise, while India’s exports to Europe and America have declined, its exports to Asia and Africa have increased

Top three trading partners

• In recent years, the top three trading partners of India = US, UAE, China (whoever their rank /position keeps changing like in the game of musical chairs).
• For 2011-12: first is China, second is UAE and third is USA. (2012-13 data yet to come)

Trade surplus / deficit?

• India’s trade deficit = 10% of GDP. This is one of the highest in the world, and hence very disturbing.
• As per 2011-12 data, Countrywide, India has

Trade surplus with	Trade deficit with
UAE (this turned negative in 2012 though) USA, Singapore Hong Kong.	China Switzerland (mainly due to gold imports)

WTO Negotiations and India

• Basics of WTO explained: https://mrunal.org/2012/05/wto-doha-made-easy.html
• Pascal Lamy= Chief of WTO.(update: Roberto Azevedo, a top Brazilian trade diplomat, will replace Pascal Lamy as the head of the WTO in September 2013)
• In 2001, WTO started Doha Round of trade negotiations. (Doha is the capital and chief port of Qatar)
• Doha negotiations are still unfinished due to differences among members on various issues.
• Since multilateral trade negotiations (WTO) are stalled/pending, the regional trading agreements are on rise.

Trade agreements

	What?	Level of integration
PTA	Preferential trade agreements lower customs duty on the products originating from the member countries.	shallow
FTA	Free Trade Agreements It is a special case of PTA where all tariff and non-tariff barriers are abolished free access is allowed to the products of member countries. Example NAFTA (among Mexico, US and Canada).	Shallow
Customs Union	A Customs Union moves beyond a free trade area by establishing a common external tariff on all trade between, members and non-members. Customs Unions typically contain mechanisms to redistribute tariff revenue among members Example: Mercosur	Shallow
Common Market	free flow labour, capital, and output (goods/services) among the members. Example, SICA (in Central America)	Deep
Economic union	members share a common currency and macro-economic policies (Example European Union). Example, European Union.	deep

CEPA vs CECA

Both are examples of Free trade agreements.

CECA	CEPA
Comprehensive Economic Cooperation Agreement	Comprehensive Economic partnership Agreement
Reduce the tariffs (custom/import duties).	Reduce tariffs + cooperation in trade in services, investment. = wider scope.
Countries sign CECA first and then gradually move towards CEPA like agreement.	–
Example, India has CECA with Malaysia Singapore ASEAN (under negotiation)	Example, India has CEPA With Japan South Korea Sri Lanka (under negotiation)

India’s trade agreements

• So far, India has signed 10 free trade agreements (FTAs) and 5 preferential trade agreements (PTAs) and these FTAs/PTAs are already in force.

FTA/PTA: Already concluded

10 FTA with	5 PTA with
Sri lanka SAFTA (India, Pakistan, Nepal, Sri Lanka, Bangladesh, Bhutan and Maldives) Nepal Bhutan Thailand, + early harvest Scheme (EHS) Singapore (CECA) ASEAN (CECA) S.Korea: CEPA Japan: CEPA Malaysia: CEPA	Asia Pacific Trade Agrment (APTA): Bangladesh, China, India, S.Korea, Sri Lanka Global system of trade preferences (GSTP) Afghanistan MERCOSUR Chile

• ^as per commerce chapter, India 2013 (Yearbook).
• Further, India is currently negotiating 17 FTAs, including review/expansion of some of the existing ones.
• Issue: Government needs to review the inverted duty structure under the India-Thailand FTA. Because finished jewelry imports from Thailand are cheaper than primary gold (raw material) available in India!

Trade agreements: Recent development

SAFTA	Signed and came into force.South Asia Free Trade AreaUnder SAFTA, India has granted zero basic custom duty to all LDCs, viz. Afghanistan, Bangladesh, Bhutan, and Maldives, on all items, except alcohol and tobacco products.
India Thailand FTA	Signed but negotiations still on.
India-ASEAN CECA	Signed, broader framework already in force. Minor details remain to be negotiated.
RECP among ASEAN+6	Regional Comprehensive Economic Partnership (RCEP) Agreement among ASEAN + 6 (Australia, China, India, Japan, Korea, and New Zealand). During 20th ASEAN summit in Phnom Penh Cambodia (in 2012), the ASEAN states agreed to move towards this agreement. It’ll provide economic partnership among ASEAN + its FTA partners. RCEP will cover trade in goods, services, IPR, dispute settlement etc.
India-EU	Broad based trade and investment agreement. Negotiations still going on.
GSTP	Global System of Trade Preferences among Developing Countries (GSTP) It is a preferential trade agreement to increase trade between developing countries in the framework of the UNCTAD (United Nations Conference on Trade and Development). India has unilaterally offered special concessions to Least developed countries under this agreement. Cabinet approved implementing India’s schedule of concessions under GSPT. India has also unilaterally offered special concessions to LDC
Japan	In Nov. 2012, India and Japan signed a pact to enable Japan to import rare earth minerals from India. (This will help reduce Japan’s reliance on China for rare earth minerals). Rare earth minerals are important for high-tech electronics, mobile phones and hybrid cars, missile guidance systems etc.

Problem Areas: Export

• Jawaharlal Nehru Port Trust (JNPT) Port at Mumbai, entry gates closing prematurely resulting in export consignments being dumped in the buffer yard at a very high cost and delay in shipments

Problem Areas: Ease of Doing business

• Ease of doing business index is an index created by the World Bank.
• India ranks 132. (Singapore 1^st)
• India requires 9 export documents to be cleared, while China needs 8, with good practice economies like France needing 2.
• Time to export is 16 days for India and five for Denmark.
• On an, average an Indian exporter is required to sign at about 130 places to complete an export transaction!
• If we want to increase our exports, then Government must reduce these procedures and costs need to the barest minimum.

Measures to improve trade?

• India’s foreign trade policy covers the period of 2009-14.
• Under that, Commerce Ministry (and not finance ministry) releases Annual supplement to foreign trade policy every year.
• 2012: Government has reduced the import duty on various capital goods/ machinery required for fertilizer, mining, infrastructure, horticulture projects etc.
• Support for export of green technology products
• Incentives for labour intensive industries, North East, agriculture etc.

Foreign Trade Policy annual supplement 2013

• Released in April 2013, by Ministry of Commerce, Industry and Textiles
• Although Government did not launch any new scheme in it
• But the existing schemes were modified to provide for more relaxations and benefits to importers who are also exporters.

Salient Features FTP Annual Supplement 2013

1. Reduced Minimum land area requirement for SEZ, by half
2. No minimum land requirement for settingup IT SEZ
3. Permitted sale and transfer of units inside SEZ.
4. Zero Duty Export Promotion Capital Goods Scheme
5. Government  will give 2% Interest Subvention Scheme for more sectors. (upto 31st March 2014)
6. Duty Credit Scrips issued under Focus Market Scheme, Focus
7. Product Scheme and Vishesh Krishi Gramin Udyog Yojana(VKGUY) can be used for payment of service tax.
8. Import of cars/vehicles is permitted through designated ports only. Now import of cars/vehicles would also be allowed at Faridabad and Ennore Port (TN)
9. System for online issuance of Registration Certificate for export of Cotton, Cotton Yarn, Non Basmati Rice, Wheat and Sugar.

E-BRC

• The exporter will not be required to make any request to the bank for issuance of a bank export and realization certificate (BRC).
• Thus their time and money will be saved.
• For electronic transmission of foreign exchange realization from the respective banks to the Directorate General of Foreign Trade (DGFT) server on a daily basis.

ASIDE scheme

• Assistance to States for Developing Export Infrastructure and Allied Activities (ASIDE) Scheme
• It provides assistance to State and union territories to create infrastructure for export Development.
• Top 5 exporter states in India (also top-5 in terms of ASIDE allocation): Gujarat, Maharashtra, Tamil Nadu, Karnataka, and Andhra Pradesh. (Why? Think about the geographical, social, political, economic factors).

Towns of Export Excellence

These get more attention / funds under ASIDE scheme and other schemes of commerce ministry for boosting exports.

year	Place	Sector
2012	A’bad	Textiles
	Kolhapur
	Shaharanpur	Handicraft
2013	Morbi	Ceramic
	Gurgaon	Apparel

^this list in not exhaustive. I’ve only listed the new towns of export excellence under 2012 and 2013’s annual supplements to foreign trade policy. But if and when you’re preparing for UPSC interview, dig all the export excellence towns in your home state.

Interest Subvention

• Earlier Government gave 2% interest subvention on handlooms, handicrafts, carpets, and SMEs
• This scheme has been extended to labor-intensive sectors viz. toys, sports goods, processed agricultural products, and readymade garments.
• Scheme is applicable upto 31 March 2014.

Special Economic Zones

• Asia’s first Export processing zone (EPZ) was setup in Kandla, Gujarat, 1965
• Special Economic Zones (SEZ) Act, enacted in 2005 and and Rules were notified in February 2006.
• Government has given formal approvals to setup 579 SEZs, of which 384 have been notified.
• As a whole, SEZs have provided employment to more than 9 lakh people.
• 100 per cent FDI is allowed in SEZs through the automatic route
• Problem area: land acquisition. (some of that is addressed under the 2013’s annual supplement to Foreign trade policy.)

VKGuy

• Vishesh Krishi and Gram Udyog Yojana (VKGUY)
• To promote the export of produce from agro, minor forest, gram udhyog etc.

RBI’s measures

• RBI increased ceilings for External Commercial Borrowings (ECBs)
• RBI allowed the banks to determine their interest rates on loans to exporters (in foreign currency).

Anti-Dumping

• Directorate General of Anti-dumping and Allied Duties (DGAD) has initiated 10 fresh cases. Against China PR, the European Union, South Korea, Malaysia, Mexico, Taiwan, Thailand, Turkey, Saudi Arabia, and the USA.
• DGAD falls under Commerce Ministry.

Chindu’s budget speech (2013): Foreign Trade

CAD worrysome

• India is part of the global economy: our exports and imports amount to 43 percent of GDP
• But My greater worry is the current account deficit (CAD).
• The CAD continues to be high mainly because of
  1. our excessive dependence on oil imports,
  2. the high volume of coal imports,
  3. our passion for gold
  4. slow down in exports.
• This year, and perhaps next year too, we have to find over USD 75 billion to finance the CAD.
• (To finance Current Account deficit) , there are only three ways before us:
  1. FDI
  2. FII
  3. External Commercial Borrowing (ECB).
• That is why I have been at pains to state over and over again that India, at the present juncture, does not have the choice between welcoming and spurning foreign investment.
• If I may be frank, foreign investment is an imperative.
• What we can do is to encourage foreign investment that is consistent with our economic objectives.

To boost trade

• Peak rate of basic customs duty = 10% (for non agro products)
• Normal excise duty = 12%
• Normal service tax= 12%

What?	Duty Increase/decrease?	Chindu said
Import Machinery for leather factory	Decrease	Leather and leather goods is a thrust sector for exports. I propose to reduce the duty on specified machinery for manufacture of leather and leather goods and footwear.

Taxation: Export

Precious stones exporting	Decrease	To encourage exports, I propose to reduce the duty on pre-forms of precious and semi-precious stones from 10 percent to 2 per cent.
oil cake	Eliminated	Export duty on de-oiled rice bran oil cake has made our exports uncompetitive. Hence, I propose to withdraw the said duty.
Ilmenite	Increased	Prices of unprocessed ilmenite have gone up several fold in the export market. Considering the need to conserve our natural resources, I propose to impose a duty of 10 percent on export of unprocessed ilmenite. Side note: Ilmenite is the primary ore of titanium. Found in TN, Odisha, Kerala. Titanium dioxide is used in paint and coating industry. Titanium is used in aircraft, tank, weapons, artificial joints, sporting equipment and high performance alloys.
Coal	Streamlined	At present both Steam coal and Bituminous coal are used in thermal power stations, but attract different rates of customs duty and counter veiling duty. I propose to equalize the duties on both kinds of coal and levy 2 per cent customs duty and 2 per cent CVD.
Luxury vehicle	Increased	There is an affluent class in India that consumes imported luxury goods such as high end motor vehicles, motorcycles, yachts and similar vessels. I am sure they will not mind paying a little more. Hence, I propose to increase the duty on such vehicles.

Coal dependence

• Despite abundant coal reserves, we continue to import large volumes of coal.
• If the coal requirements of the existing and future power plants are taken into account, there is no alternative except to import coal and adopt a policy of blending and pooled pricing.
• In the medium to long term, we must reduce our dependence on imported coal.
• One of the ways forward is to devise a PPP policy framework to increase the production of coal. Coal ministry will announce the policies in this regard.

IT

• The Rangachary Committee was appointed to look into tax matters relating to Development Centres & IT sector and Safe Harbour rules for a number of sectors.
• By the way, Rangachary was also a member of Shome Panel (for GAAR).

What is countervailing duty (CVD)?

Suppose we imported xyz thing from USA. And that xyz thing is also manufactured by Indian producers as well.

• But the American Government provides some subsidies to their exporters, hence the price of imported XYZ item is more than the locally produced “desi” variety. And or
• The Indian producers are required to pay more taxes hence desi variety has become more expensive than the American product.
• In such case, Indian Government can imposes addition tax on the imported item to protect the domestic industry. This is known as countervailing duty (CVD).

In 2013, US Department of Commerce started investigation a countervailing duty (CVD) investigation against India and six other countries on export of shrimp. Because the (domestic) American shrimp industry had complained that Indian Government provides lot of incentives, subsidies and tax reliefs to Indian shrimp exporters, so US Government should impose a CVD on the shrimps imported from India.

Conclusion

Gold and CAD

• In the earlier article on Gold ETF, we saw the measures taken by govt. to reduce the gold import(click me) While the supply of gold through organized channels can be constricted, there is need to be vigilant regarding gold inflows through unauthorized channels (= Smuggling).

• Ultimately, the best way to reduce gold imports in a sustainable way will be to offer the public financial investment opportunities that generate attractive returns.
• This means bringing down inflation as well as expanding the range of investments investors have easy access to. (e.g. Rajiv Gandhi Equity  savings scheme RGESS).

Trade Agreement

• India always stood for open, unbiased, international trading system, but since WTO negotiations are not moving in positive direction, we need to focus on Regional Trade agreements (RTAs). Particularly for exporting our technology-intensive items.
• There is also need to address the inverted duty structure in sectors like electronics, textiles, and chemicals and the artificial inverted duty structure caused by some FTAs/RTAs.

Important Summits

	2012	2013
SAARC	Addu, Maldives (2011)	Kathmandu
ASEAN	Phnom Penh, Cambodia	Brunei
BRICS	Delhi	Durban, S.Africa
G20	Los Cabos, Mexico St. Petersburg, Russia	Brisbane, Australia

Trade Blocs/ Regional Groups

List is not exhaustive.

APEC	Asia-Pacific Economic Cooperation	Australia Brunei Canada Chile China HongKong Indonesia Japan SouthKorea Malaysia Mexico New Zealand Papua NewGuinea Peru Philippines Russia Singapore Taiwan Thailand United States Vietnam
APTA	Asia Pacific Trade agreement	Bangladesh China India S.Korea Sri Lanka
ASEAN	Association of South East Asian Nation	Brunei Cambodia Indonesia Laos Malaysia Burma (Myanmar) Philippines Singapore Thailand Vietnam
BIMSTEC	Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation. Bangladesh, India, Myanmar, Sri Lanka, and Thailand Economic Cooperation	Bangladesh Bhutan Myanmar India Nepal SriLanka Thailand
BRICS	Brazil, Russia, India, China and South Africa	Brazil Russia India China South Africa
CELAC	Community of Latin American and Caribbean States	33 countries in that region. Names not worth the space hahaha.
CIS	Commonwealth of Independent States	Armenia Azerbaijan Belarus Kazakhstan Kyrgyzstan Moldova Russia Tajikistan Uzbekistan
COMESA	Common Market for Eastern and Southern Africa	20 member states stretching from Libya to Zimbabwe.
ECOWAS	Economic Community of Western African States	15 members in Western Africa.
EFTA	European Free Trade association	Iceland Liechtenstein Norway Switzerland
EU	European Union	Austria Belgium Bulgaria Cyprus Czech Republic Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Poland Portugal Romania Slovakia Slovenia Spain Sweden UK
G20	Group of 20	Argentina Australia Brazil Canada China European Union France Germany India Indonesia Italy Japan Mexico Russia SaudiArabia SouthAfrica SouthKorea Turkey UnitedKingdom UnitedStates
G8	Group of 8 (Wealthiest nations)	Canada France Germany Italy Japan Russia UK US
GCC	Gulf cooperation council	Bahrain Kuwait Qatar Saudi Arabia Oman United Arab Emirates (UAE)
GSTP	Global system of trade preferences	44 developing countries. List is not worth the table space hahaha.
IBSA	India Brazil South Africa	India Brazil South Africa
IORARC/Ocean Rim	Indian Ocean Rim association of regional cooperation.	Australia Bangladesh Comoros India Indonesia Iran Kenya Madagascar Malaysia Mauritius Mozambique Oman Seychelles Singapore S.Africa Sri Lanka Tanzania Thailand UAE Yemen
MERCOSUR	Southern Common Market. (Mercado Comun Del sur)	Argentina Brazil Paraguay Uruguay Venezuela (member since 2012)
NAFTA	North American Free Trade Agreement	Canada US Mexico
SAARC	South Asian Association for Regional Cooperation	Afghanistan Bangladesh Bhutan India Maldives Nepal Pakistan Sri Lanka
SACU	Southern African Customs Union	South Africa Botswana Lesotho Swaziland Namibia
SAFTA	South Asia Free Trade Agreement	India Paki Nepal Lanka Bangladesh Bhutan Maldives Afghanistan (latest member)
SCO	Shanghai Cooperation Organisation	China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, Uzbekistan.

IMF: Advanced Economies in ASIA

1. S.Korea
2. Hong Kong
3. Singapore
4. Taiwan

Mock Question

1. Baltic dry index measures
   1. change in crude oil prices
   2. change in dollar’s value against major currencies.
   3. Performance of share markets in Baltic nations
   4. None of Above
2. Increase in Baltic Dry index means
   1. World economy is moving in negative direction
   2. World economy is moving in positive direction
   3. World economy is moving towards a stalemate
   4. None of above
3. Which of the following is not among the top 3 trading partners of India?
   1. US
   2. UAE
   3. China
   4. Japan
4. India doesn’t have trade surplus with
   1. Singapore
   2. Hong Kong
   3. Switzerland
   4. All of above
5. India doesn’t have PTA agreement with
   1. Chile
   2. Mercosur
   3. Afghanistan
   4. Sri Lanka
6. India doesn’t have FTA agreement with
   1. Thailand
   2. Japan
   3. Malaysia
   4. Afghanistan
7. With Japan, India has ______ agreement
   1. CEPA
   2. CECA
   3. PTA
   4. No trade
8. GSTP aims to increase trade between _____ countries under ______.
   1. Developed, UN
   2. Developing, UNCTAD
   3. All, WTO
   4. member, ASEAN
9. India has high current account deficit mainly because of
   1. coal import
   2. crude oil import
   3. slow down in export
   4. All of above
10. Current Account Deficit can be financed through
    1. Only FDI, FII
    2. Only FDI and ECB
    3. Only ECB and FII
    4. FDI, FII and ECB
11. Ilmenite is the primary ore of
    1. Copper
    2. Aluminum
    3. Titanium
    4. Magnesium
12. Which of the follow coal is used in Thermal power stations?
    1. steam coal
    2. Bituminous coal
    3. both
    4. none
13. Rangachary Committee is associated with taxation of ____ sector.
    1. IT
    2. Fisheries
    3. Coal
    4. gems and jewelry
14. Addu declaration is associated with
    1. UNESCO
    2. G20
    3. SAARC
    4. G8
15. For 2013, SAARC summit will be held in
    1. Kathmandu
    2. Delhi
    3. Lahore
    4. Thimpu
16. Durban summit, 2013, is associated with
    1. BRICS
    2. G20
    3. G8
    4. UNESCO
17. In 2012, G20 summit was held in
    1. Los Angeles
    2. Phnom Penh
    3. Los Cabos
    4. None of above
18. Phnom Penh hosted the _____ summit in 2012.
    1. ASEAN
    2. BRICS
    3. G20
    4. G8
19. Correct order in terms of membership (smaller to bigger)
    1. ASEAN, BIMSTEC, G20
    2. BIMSTEC, ASEAN, G20
    3. BIMSTEC, G20, ASEAN
    4. None of above
20. Switzerland is a member of
    1. EU
    2. EFTA
    3. Both
    4. None
21. Which of the following is associated with African Continent?
    1. COMESA,
    2. ECOWAS
    3. SACU
    4. All of above
22. Who among the following, is a member of GCC?
    1. Syria
    2. Iraq
    3. Bahrain
    4. Iran
23. G8 doesn’t have member from which continent?
    1. Europe
    2. Australia
    3. Asia
    4. North America
24. MERCOSUR membership doesn’t include
    1. Brazil
    2. Paraguay
    3. Uruguay
    4. Venezuela
25. NAFTA includes
    1. only US, Canada
    2. only US, Mexico
    3. Only Canada, Mexico
    4. US, Canada and Mexico
26. SAARC has ___ members
    1. 5
    2. 6
    3. 7
    4. 8
27. SAFTA doesn’t include
    1. China, Pakistan and Afghanistan
    2. China and Myanmar
    3. Nepal and Myanmar
    4. Myanmar and Maldives
28. As per IMF classification, which of the following is not an Advanced economy
    1. Taiwan
    2. Singapore
    3. South Korea
    4. China
29. ___, ____ and ____ are the chiefs of World Bank, IMF and WTO respectively
    1. Christine lagarde, Pascal Lamy, Jim Yong Kim
    2. Pascal Lamy, Christine lagarde, Jim Yong Kim
    3. Jim Yong Kim, Christine lagarde, Pascal Lamy
    4. Christine lagarde, Jim Yong Kim, Pascal Lamy
30. To reduce its dependence on China, Japan recently inked a pact with India to import ____.
    1. Rice
    2. Eggs and unprocessed meat
    3. Iron ore
    4. Rare earth minerals
31. The annual supplements to Foreign Trade policy are released by
    1. Finance ministry
    2. Commerce Ministry
    3. External Affairs ministry
    4. PMO
32. Which of the following is a town of export excellence for Apparel
    1. Ahmedabad
    2. Kolhapur
    3. Gurgaon
    4. Shaharanpur
33. In 2013, Morbi was declared a town of export excellence for its ____ sector
    1. Electronics
    2. Leatherwork
    3. Ceramic
    4. Handicraft
34. In 2013, Gurgaon was declared a town of export excellence for its ___ sector
    1. Automobile
    2. IT
    3. Apparel
    4. Service
35. Government provides interest subvention to
    1. Farmers
    2. Handloom, handicraft exporters
    3. both
    4. none
36. Who benefits from E-BRC scheme?
    1. Indian Exporters
    2. Indian IT companies
    3. Indian Embassies in Brazil, Russia and China
    4. All of Above
37. ASIDE Scheme is meant to
    1. Provide assistance to physically challenged
    2. improve infrastructure for Export development
    3. provide loans to farmers
    4. provide assistance to HIV positive people.
38. Matters related to dumping falls under the purview of
    1. Commerce Ministry
    2. Finance Ministry
    3. External Affairs Ministry
    4. Home ministry
39. Countervailing Duty: correct statements
    1. It is an example of Indirect Tax
    2. It is imposed on imported goods in certain circumstances.
    3. Both
    4. None
40. What is the purpose of countervailing duty?
    1. Protect domestic industry against foreign industry
    2. Protect exporters against domestic industry in the foreign country
    3. Protect exporters against currency exchange rate fluctuations
    4. None of above
41. “Ease of Doing business” data is released by
    1. OECD
    2. WTO
    3. World Bank
    4. IMF