Nowadays, in business world the most expanding form is export and import of general merchandise and various other goods. In the age of globalization, import export has become one of the most rewarding businesses in India. Indian Government is also supporting businessmen through various incentives and programs to encourage Indian traders for meeting the much needed necessities for adopting new technology and skills from MNCs through Joint ventures and association.
'Imports' stands for bringing into India, of goods and other stuffs from a place outside India. In simple words, it refers to the goods which are formed or created abroad by overseas producer and are used in the domestic economy in order to cater to the needs of the domestic consumers.
Similarly, 'exports' of goods stands for, captivating goods out of India to a place outside India. It refers to the goods which are produced internally and are used to cater to the needs of the consumers in other countries. The country which is purchasing the goods is known as the importing country and the country which is promoting the goods is known as the exporting country.
The personnelís who are involved in such transactions are known as importers and exporters respectively.
The import and exports items include agriculture, handlooms and handicrafts, gems & jewellery and leather and footwear and other general merchandise.
In order to be a winning businessmen one must fully study and investigate its native market rather than try to engage in every market at once. The trader should approach a market on a precedence basis. The export import market and trend must be studied properly and considered carefully. For keeping a proper vigilance, the government has also come up with the EXIM policy and every year, as per the trend it is revised and formulated. The Central Government can forbid, control and regulate exports and imports, in all or in particular cases as well as subject them to exemptions.
Before opening an export and import business, an individual should assess his company's "export speediness". Planning for export and import should be done only, if the company's belongings are good enough for export. While planning an export and import policy, it is always better to develop a simple, realistic and elastic export plan for profitable and sustainable export business. The prime motive for export and import is to receive or produce foreign exchange. The foreign swap not only brings reward for the exporter and importer but also improves the monetary condition of the country.
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