The earlier inward-looking trade policies were replaced by EXIM Policy in April 1992. Government of India introduced EXIM Policy to liberalize imports and stimulate exports. This was ushering in a new era in India's foreign trade. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get Original Essay On Foreign Trade Policy (EXIM Policy): The Director General of Foreign Trade (DGFT) lays down guidelines for import and export of goods. Abroad The Trade Development and Regulation Act of 1992 regulates policy. Import and export procedures, promotional measures and related policies are documented in the EXIM policy. ​​The changes to the EXIM policy are announced by the Union Commerce Minister. Government of India notifies the policy every 5 years from the year 1992.Objectives of EXIM policy:Exim policy divided into two;Import policy: Regulation and management of importsExport policy: Promotion and regulation of exportsPost liberalization EXIM policies:Exim policy 1992 -1997To bring stability and continuity, the export and import policy was created for the duration of 5 years. Previous policies were adopted for a period of 3 years and were therefore less stable. Any changes are made by the central government in the interest of the public. Important step towards economic growth in India. Export Policy 1997 – 2002 The new export and import policy was necessary for the smooth functioning of India. Indian export and import trade. Importation was further liberalized. The duty was reduced from 15% to 10% on import of capital goods. Practices promoting Indian exports in international trade have been introduced. Licensing requirements have been reduced; Restrictions on the quantity, free import and export of goods (except goods in the negative list) have been reduced. Provision of additional SIL of 1% for export of agricultural products. Encourages foreign investment in India by allowing 100% equity participation in EOUs. Encourages Indian industries to undertake research and development programmers and improve the quality of their products. Encourage domestic sourcing of raw materials, in order to build a strong domestic manufacturing base. Antiexim Policy 2002 - 2007 Brought foreign trade relations to a level where both goods and services were imported and exported. Trading enterprises providing export services have been granted the status of service providers since 1.4.1999. To provide access to essential inputs for production and thus achieve sustainable economic development. To combine technological and local strength by improving efficiency in Indian agriculture and service industries. Creating healthy competitions by creating opportunities. Make internationally acceptable quality standards accessible. Therefore the main objective of EXIM policy or foreign trade policy is: to maintain and promote foreign trade. Provide resources with globally acceptable standards. Achieving Economic Development through Foreign Trade In the year 2004, the then Minister of Industry and Commerce, Kamal Nath, changed the name of EXIM Policies to Foreign Trade Policies. The reason behind it was that it was more appropriate to call it foreign trade policy since the policy had to go beyond exports and imports. It was a step forward towards an integrated approach to foreign trade development.