Question

EXIM Policy of India is prepared by _____.

• A. RBI
• B. SEBI
• C. Ministry of Commerce
• D. Ministry of Finance

Answer 1

The Correct Option is C

The question pertains to the policy-making authority concerning India's Export-Import (EXIM) Policy. Here is a detailed explanation and reasoning to determine the correct answer.

Understanding the EXIM Policy:
The Export-Import (EXIM) Policy, also referred to as the Foreign Trade Policy, is a set of guidelines and rules set by the Indian government to regulate and manage the export and import of goods in India. It aims to accelerate economic growth and enable the country to attract foreign trade and investment.

Correct Option Justification:

• Ministry of Commerce: In India, the Ministry of Commerce and Industry formulates and implements the EXIM Policy. This ministry is responsible for creating policies that promote trade and commerce with foreign nations and enhance the export market for Indian goods.

Ruling Out Other Options:

• RBI (Reserve Bank of India): This is the central banking institution of India, responsible for controlling the monetary policy and managing currency and credit issues. It does not set trade policies.
• SEBI (Securities and Exchange Board of India): This agency regulates the securities and capital markets in India, ensuring investor protection and market integrity. It is not involved in trade policies.
• Ministry of Finance: Although responsible for fiscal policy, government expenditures, and financial regulations, the Ministry of Finance does not draft the EXIM Policy.

Conclusion:
The EXIM Policy of India is prepared and implemented by the Ministry of Commerce, aimed at administering trade regulations and enhancing trade relations globally.