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Q1. What are the safety act sections applicable for commercial buildings?
Q2. What are W & M laws? What is the necessity of imposing these laws?
Q3. What is ombudsman scheme?
Q4. What is the mandate of Food Authority?
Q5. What are the Restrictions on establishment of place of business in India?
Q6. How does import and export of goods can be classified?
Q7. Write the salient provisions of the AKBARI ACT I.
Q8. What is the role of Certifying Surgeons in factory act law?
Case Study- Import and Export in a factory outlet
India’s economic structure today presents a distinctly different picture from what it was in 1991 when economic reforms started. In 1991 our foreign exchange reserves had depleted substantially. We then had just enough reserves to tide over the import requirements of three weeks. It was in this context that India gradually started dismantling its quantitative restrictions, partially liberalised its exchange rate and reduced the peak rate of customs duties. The average duty on all products stands reduced from over 70% in 1991-92 to 12% in 2008-09. However, at the same time the whole world was rushing towards globalisation and integration. Had India not joined the race, the economic scenario could have worsened. The only recourse left to India was to increase its exports to tide over the ever-increasing imports. We were aiming to gain a considerable proportion of international business and make our presence felt on the international front. The Government announced various export promotion measures and incentives. Laws were framed to streamline the process of export and import. These laws ensured that our commitment to expansion of India’s trade remained firm. The laws and facilitations announced by the Government were not only related to export and import of goods and services, but were also directed to up gradation of technology and integration of all the departments by using latest technologies available. As we can see, e-commerce plays a very significant role in today’s trade. The Export and Import Policy or the Exim Policy, 1992-97 was a significant landmark in India’s economic history. For the first time, conscious effort was made to dismantle various protectionist and regulatory policies and accelerate the country’s transition towards a globally oriented economy. This Policy coincided with the 8th Five Year Plan and has yielded impressive growth in exports. While India’s total exports during 1991-92 were US$ 17.86 billion, they increased to US$ 155 billion in 2007-08, almost 2½ times of the figure four years ago. India’s share in the global trade has gone up and the share of exports as percentage of GDP has also increased substantially. Keeping these factors in view, the Exim Policies announced thereafter have sought to consolidate the gains of the previous Policy. They aim to further carry forward the process of liberalization with the result that we have achieved nearly 1.5% share of world merchandise trade in 2007-08 totaling up to US$ 525 billion. In the current Foreign Trade Policy, two major objectives have been outlined:
(i) To double our percentage share of global merchandise trade within the next five years; and
(ii) To act as an effective instrument of economic growth by giving a thrust to employment.
Out of the above two, we have already achieved the first one and are on track to achieving the second objective i.e. we have already created 136 lakhs new jobs in the past four years. In the era of globalization and WTO regime many Asian countries have achieved such remarkable export-led growth that South Korea and Taiwan are likely to be considered as developed countries by WTO. WTO is the largest body of world trade consisting of 153 member countries as on date and responsible for 96% of the world trade. It is necessary for any developing country to expand exports continuously because export growth ultimately results in creation of jobs, building up of infrastructure, economies of scale and added foreign exchange earnings. Today’s world is economic in nature and increased exports give credibility to the standing of the country in overseas market. Exports, therefore, are of importance and are considered a national priority by the Government of India.
Why Imports?
Because of tough competition, you can sell only if the quality of your product is better than that of your competitors, the price most competitive and the buyers get delivery on time. In order to achieve all this, one needs to have access to international standard quality materials and capital goods. We also need to have better technology at our command as there is a sea change in the markets worldwide.
We have moved from letters to e-mails, telefaxes to video conferencing and manually operated phones to cellular phones via satellite. Today it is not possible to compete in the world without a better technological product. We cannot match the standards of quality and services that others offer if we happen to be out-dated – and that means out of market as well. By accepting membership of the World Trade Organization (WTO), India has become a part of the global village. New trade blocks are emerging and new world order is getting established. Even regional trading arrangements (RTAs) are mushrooming and it is estimated by the WTO that by 2010 there would be close to 400 RTAs. Even India is negotiating bilateral agreements with various countries and regional groupings. A number of joint ventures are being signed for export promotion as well as better quality production for domestic market. The FDI inflows into the country from 1991 to June, 2008 stand at more than $ 89 billion. We have witnessed a major change in this area between the years 1992-2007 and if one scans through the newspapers, one will find that economic news has taken priority over political news. The area in which the imports are almost essential are defense requirements, crude oil, fertilizers, capital goods, industrial inputs like raw materials, components, consumables, spares, etc., import of samples, import of technology, import of drawing and designs, import of services etc. There are many vital areas where there is a need to import capital goods – new as well as second hand – in order to upgrade our products and services. Further, there is an increase in factor mobility. The various factors of production like raw materials, labor, capital goods, spares, consumables, etc. have become mobile. It is easy to relocate any of these factors from one country to another depending on where they are needed. This gives rise to opportunities where various components of a value chain are completed in different countries. For example, a company in USA may buy fabric from China, source design from Italy, labor from Bangladesh and Sri Lanka and arrange to make a garment to be sold in Europe. Likewise, in the case of contract manufacture, a firm makes a contract with another firm abroad whereby the contracted party manufactures or assembles a product on behalf of the contractor. The contractor retains full control over marketing and distribution whilst the manufacturing is done by the local company. The advantages of such outsourcing are:
– There is no need to invest in plant overseas
– The risks of asset expropriation are minimized
– Risks associated with currency fluctuations are better managed
– Control of marketing is retained by the contractor – a product manufactured in the overseas market may be easier to sell, especially to government customers
– Lower transport costs and
– Some times lower production costs can be obtained.
To sum up, it is not possible to survive without imports when the world is moving so rapidly towards globalization and liberalization.
The phenomena of global sourcing at the most competitive costs and the need to increase productivity of the domestic industry through the imports of hi-technology products has resulted in import liberalisation being an imperative tool for economic growth.
Q1. Two Interdependence term import and export are interrelated explain giving proper example
Q2. What are the two terms import and export support the term globalization
1. Food contamination can occur during
2. The Prevention of Food Adulteration Bill was passed on
3. Food adulteration means
4. Which is an accidental adulteration?
5. The common adulterant found in Red Chili powder is
6. Which legislation do food operators need to follow
7. In which year FSSAI was established
8. What is the tenure of members of the Food Authority?
9. What is the maximum penalty for breach of regulations related to the labeling of food items?
10. What is FSSA, 2006 & why this Act is needed?
11. What is FEMA?
12. India earns maximum foreign exchange by the export of
13. National Sample Survey Organization (NSSO) was established in
14. Banking regulation act was passed in………..?
15. In which year, the Foreign Exchange Management Act (FEMA) came into force?
16. Foreign exchange means ‘foreign currency’ and includes
17. ……………means a person for the time being authorized under section 7 to deal in foreign currency
18. The Central Government may appoint such persons as it thinks fit to be officers of……………
19. Person resident ………. India” means a person who is not resident in India.
20. “……………” means a certificate of title to securi¬ties by the delivery of which (with or without endorsement) the title to the securities is transferable
21. Which document is must for getting the permission by the customs for the export of goods by sea or air
22. This document implies that the goods, that are exported has been manufactured in a particular country mentioned therein.
23. Which one of the following is not the validity of IEC (Importer-Exporter Code Number)
24. ECGC stands for
25. FDI stands for:
26. FII stands for
27. Which of the following is a part of 2002 -2007 EXIM policy?
28. EPCGS stands for
29. In case of goods being rejected or wrong shipments which section of customer act provides drawback facility on the customer’s duty?
30. How much digits are there in IEC number?
31. Section 2(n) of the Factories Act, 1948 defines …….
32. The Power or exempt, any factory, during public emergency is given in which section of the Factories Act, 1948?
33. An occupier, before using any premises as a factory, should send a written notice to the Chief Inspector at least ….. days in advance.
34. If a new manager is appointed and takes charge on a given day, the Occupier must send a written notice to the Inspector within ….. days.
35. If a Manager is not appointed for a factory then the Occupier of the factory will be considered as the Manager of the factory as per the Factories Act, 1948.
36. General duties of the Occupier are mentioned in which section of the act?
37. The term “Inspectors” is discussed in which section of the Factories Act, 1948?
38. The State Government cannot appoint Joint Chief Inspectors.
39. Powers of Inspectors are discussed in the Section ……….
40. Section 10 of the Factories Act, 1948 speaks about ………….
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Contact www.kimsharma.co.in for best and lowest cost solution or
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