26 April, 2020
4 Min Read
Chemicals and petrochemical industry became top exporting sector
Part of: GS-III- Economy-data (PT-MAINS-PERSONALITY TEST)
Union Minister for Chemicals and Fertilizers has congratulated the chemicals and petrochemicals industry on becoming the top exporting sector of the country for the first time.
He informed that during April 2019 to January 2020, the export of chemicals grew by 7.43 per cent over previous corresponding period. The total export of chemicals during this period reached 2.68 lakh crore rupees which constitutes 14.35 per cent of the total exports.
Government assured the industry of full support towards making India a leading global hub for manufacturing chemicals and petrochemicals. He said, continuous efforts made by the Department of Chemicals and Petrochemicals have enabled the industry to become the topmost exporting segment for the first time.
Draft Export Policy of India
The Commerce Ministry has released a product specific draft export policy.
ITC (HS) codes are better known as Indian Trade Clarification (ITC) and are based on Harmonized System (HS) of Coding.
About Export Import Policy of India
DGFT (Directorate General of Foreign Trade) is the main governing body in matters related to Exim Policy. The main objective of the Foreign Trade (Development and Regulation) Act is to provide the development and regulation of foreign trade by facilitating imports into, and augmenting exports from India. Foreign Trade Act has replaced the earlier law known as the Imports and Exports (Control) Act 1947
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