Foreign trade in India includes all imports and exports to and from India. At the level of Central Government it is administered by the Ministry of Commerce and Industry.
Import:- Bringing products, goods etc. from other country for sale or use in your country.
Exports are goods and services produced in one country and sold to buyers in another. All countries do international trade with exports and imports.
First and foremost, you must have a business setup. It is recommended that you open a sole proprietorship by doing a service tax registration or VAT registration with a catchy name and logo in the initial stage.
Get PAN card for business
Once you get the required registration, it is mandatory to have a PAN card issued by the Income Tax Department.
Open a current account
After getting your business registration and PAN card, you need to open a current bank account with any commercial bank specifically for your business.
Issue Import Export Code (IEC)
As per the Foreign Trade Policy, it is mandatory to obtain IEC for export/import from India. This is one of the very important requirements for starting an import and export business. IEC is required in all cases except in the case of restricted or restricted goods or services.
Import Export Code (IEC) registration can be obtained by applying online on the DGFT website.
Trading partners of India
There are many countries in the world where India can easily export imports. India’s largest trading partners in order of value of total trade are Bangladesh, Bhutan, Germany, Hong Kong, Iraq, Israel, Japan, Nepal, Russia, Saudi Arabia, Singapore, Switzerland, the United Arab Emirates and the United States. India is biggest exporter of pharmaceuticals, some food products and is a mixed economy.
Import and export of goods or services is an integral part of a country’s economy, and a country cannot progress without interacting with other countries of the world. It is also necessary for globalization.