India is a major player in the global economy, and its trade with other countries is growing rapidly. In order to ensure that this trade is fair and orderly, a number of regulatory bodies have been established in India. These bodies regulate various aspects of trade, including imports, exports, investment, and intellectual property. The regulatory bodies in the Indian system keep an eye on the proper functioning of the whole economy and report any financial scams. This blog will provide an overview of the key Indian regulatory bodies that control global trade.
As we know, India is a major player in the international market, with a total trade value of $710 billion in 2021, as per Global Trade Data. These bodies are responsible for regulating the foreign exchange market; formulating and implementing trade policy, collecting customs duties and excise taxes, and issuing import and export licenses. They play an important role in ensuring the smooth flow of trade in India and protecting the interests of exporters and importers
An organization or a government department serves as a regulatory body. Its duties include establishing standards for activities, imposing rules, conditions, or prohibitions, and enforcing them or ensuring compliance. These rules and regulations can cover a wide range of areas, such as:
India's trade is growing steadily in 2022–2023. The country's share of global trade is projected to increase to 3.3% in 2022–23 from 2.9% in 2021, as per Export import data in India.
Based on Indian Exporter data, India's exports are also projected to grow by 50% in 2022–2023, while imports are projected to grow by 30%.
Here are some additional details about the growth of India's trade in 2022–23:
The Directorate General of Foreign Trade (DGFT) is the nodal agency responsible for the regulation of international trade in India. It is an attached office of the Ministry of Commerce and Industry, Department of Commerce, Government of India.
The DGFT is responsible for formulating and implementing the foreign trade policy of the Government of India. It also regulates the import and export of goods and services and provides licenses and permissions for foreign trade transactions. The DGFT also administers the Foreign Trade (Development and Regulation) Act, 1992, which is the main legislation governing foreign trade in India.
The oldest regulatory body in India is the Reserve Bank of India (RBI). It was founded in 1935 under the Reserve Bank of India Act. The RBI is responsible for issuing currency, regulating the banking system, and managing the country's foreign exchange reserves. Here are some of the important regulatory bodies in India, along with their brief functions:
Reserve Bank of India (RBI): The RBI, which serves as India's central bank, is in charge of policing the nation's financial and monetary systems. Additionally, it serves as the last-resort lender for banks and other financial institutions.
Securities and Exchange Board of India (SEBI): SEBI is the regulator of the Indian securities market. It is responsible for regulating the trading of securities, the issuance of securities, and the functioning of stock exchanges.
Insurance Regulatory and Development Authority of India (IRDAI): The IRDAI is the regulator of the Indian insurance industry. It is responsible for regulating insurance companies, the issuance of insurance policies, and the settlement of claims.
Pension Fund Regulatory and Development Authority (PFRDA): The PFRDA is responsibility for overseeing the Indian pension industry. It is in charge of overseeing the regulation of pension funds, pension plans, and pension service providers.
National Bank for Agriculture and Rural Development (NABARD): NABARD is a development bank that provides financial assistance to the agriculture and rural sectors. It also regulates rural credit institutions.
Small Industries Development Bank of India (SIDBI): The SIDBI is a development bank that provides financial assistance to small and medium enterprises (SMEs). It also regulates SMEs.
Telecom Regulatory Authority of India (TRAI): The TRAI is the regulator of the Indian telecom sector. It is responsible for regulating the telecom services, the telecom tariffs, and the telecom infrastructure.
Central Board of Film Certification (CBFC): The CBFC is the censor board of India. It is in charge of approving films for public screening.
Food Safety and Standards Authority of India (FSSAI): The FSSAI is the regulator of food safety in India. It is responsible for laying down standards for food, monitoring food safety, and taking action against food adulteration.
Apart from the important regulators in our country, there are various other regulatory agencies as well, such as:
A regulatory authority is a body or department of the government responsible for enforcing laws and rules in numerous industries. Its responsibilities involve implementing or ensuring compliance in various areas, applying standards, limits, or limitations, and establishing the benchmark for activities. The main duties of a regulatory authority are listed below.
These regulatory bodies play an important role in ensuring the orderly and efficient functioning of the economy and protecting the interests of consumers and investors.
In conclusion, India has a number of regulatory bodies that play an important role in ensuring the orderly and efficient functioning of the economy and protecting the interests of consumers and investors. These bodies regulate various aspects of trade, including imports, exports, investment, and intellectual property. They also play a role in formulating and implementing trade policy, collecting customs duties and excise taxes, and issuing import and export licenses.
The growth of India's trade is a positive development for the country's economy. It is helping to make India a more prosperous and integrated member of the global economy.
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