Union Minister of State, Commerce & Industry (I/C) Nirmala Sitharaman who is on a visit to Belagavi speaking to media said that a DGFT or Directorate General of Foreign Trade office will be opened in Belagavi which help the exporters from the district and now that they had to go to Bengaluru.
DGFT is responsible for implementing the Foreign Trade Policy or Exim Policy with the main objective of promoting Indian exports. Directorate General of Foreign Trade (DGFT) organisation is an attached office of the Ministry of Commerce and Industry and is headed by Director General of Foreign Trade.
The Foundry industry is likely to mostly benefited from this move.
DGFT or Directorate General of Foreign Trade is a government organization in India responsible for the formulation of exim guidelines and principles for indian importers and indian exporters of the country. Before 1991, DGFT was known as the Chief Controller of Imports & Exports (CCI&E).
DGFT has been essentially involved in the regulation and promotion of foreign trade through regulation. Keeping in line with liberalization and globalization and the overall objective of increasing of exports, DGFT has since been assigned the role of “facilitator”. The shift was from prohibition and control of imports/exports to promotion and facilitation of exports/imports, keeping in view the interests of the country.