In every five years, the Ministry of Commerce and Industry, Government of India, announces the Export-Import (EXIM) policy. This is an effort towards the encouragement of foreign trade and creation of a complimentary Balance of Payments. The EXIM policy, updated yearly on 31st of March, is followed from 1st April.

Some of the chief highlights of the current policy are:

Extension of the DEPB scheme till May, the next year.
Service tax will be refunded on maximum services
Extending Income tax benefit for EOUs.
Extension of FMS coverage and inclusion of ten more countries including Mongolia, Croatia, Ghana, Colombia, Albania, etc.
Introduction of split-up facility
Payment of excise duty by export oriented units on monthly basis rather than consignment basis.

However, the central government reserves the right to amend any of the sections of this policy in public interest.
Some of the focus initiatives of the policy are:
To have a greater share in the global trade and generate more employment opportunities, a number of focus initiatives that have been identified for various sectors are:

Agriculture:
Some of the policies that have been introduced are-Vishesh Krishi and Gram Udyog Yojana. Moreover, diverse export promotion schemes have allowed the use of export of certain restricted items. Import of certain pesticides has been approved under the advance authorization schemes for export of agricultural products.

Handloom:
MAI/MDA schemes have granted specific plans for the promotion of export of handloom items. Duty free import on certain items has been conferred which has proved to be beneficiary. These include hand knotted carpets.

Handicraft:
Establishment of new handicraft SEZs would enable the procurement of products from the cottage sector and also help in the finishing for exports. It is also suggested that the import entitlement of machineries, tools, trimmings and equipments will be 5% of the value of FOB for export that was recorded the previous year. Import trimmings, consumables and embellishments are under the authorization of handicraft EPC.

Gems and Jewellery:
The replenishment scheme holds the authority to allow the import of 8K or above gold backed up by an Assay certificate for the specification of weight, alloy content and purity. Several import duties have been revised for jewellery, cut and polished diamonds, marine sector, electronics, leather and footwear, etc.