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You have just completed your studies and are looking for an internship with directorate general of foreign trade. Your hunt is over. This article will guide you towards getting the information you need to apply for an internship in directorate general of foreign trade.
Dear Sir/Madam,
I am writing to apply for an internship position with the Directorate General of Foreign Trade. I am currently a student at [university name], where I study international business and economics. I have also been working as a research assistant at [company name] since last year, where I assist in market research and development.
I believe that this experience would be highly valuable to me as an intern at the DGFT, because it will allow me to gain experience in an international setting while gaining hands-on knowledge about how the organization works. My past experiences in these areas have proven invaluable in developing my skills as an effective communicator and team player.
I look forward to hearing from you regarding the details of this position and how we can work together to make it happen!
Internship with directorate general of foreign trade
Introduction
The Ministry of Commerce and Industry, Government of India has established a new Directorate General to provide a thrust to the export promotion efforts with effect from 1st January 1992. The Directorate General of Foreign Trade deals with matters related to policy formulation, extension of facilities for exports, import trade control and development of exports in selected sectors. In addition, it is also responsible for administering the Export-Import policy.
All over India, there are export promotion councils for various products, including textiles and handicrafts.
Export promotion councils are government-run public sector organizations that help Indian exporters to promote their products abroad. The Council can provide various benefits to its members such as:
- Information on export-related matters
- Market research services related to foreign countries
- Marketing assistance, including product design and development of promotional material like brochures, catalogues and posters.
Membership in an EPC has many advantages for companies looking to expand overseas or start selling their products there for the first time. These include:
An export house is an organization that is recognized by the government for special privileges and benefits in international trade.
The Export Credit Guarantee Department of the Ministry of Commerce and Industry (ECGD) provides financial guarantees for exports.
The department also promotes the export of goods and services through the provision of advisory services, insurance cover and other forms of support.
It is a statutory body set up under Section 5A(1) of Exim Bank Act (1956).
The development commissioner under the Ministry of Commerce assists entrepreneurs in setting up new industrial undertakings in industrial and export promotion zones.
The Ministry of Commerce in India has the development commissioner under its fold, who assists entrepreneurs in setting up new industrial undertakings in industrial and export promotion zones.
Need to get an industrial license? Setting up a company in India? Need to get an export house recognition or foreign investment promotion board clearance for the same? These are some of the things that you need to take care of before you start your business as an entrepreneur.
Any company registered under the Indian Companies Act, with a foreign equity component, is eligible to become an exporter.
Any company registered under the Indian Companies Act, with a foreign equity component, is eligible to become an exporter. The minimum amount of foreign equity that can be invested in a business entity is 51%. However, there are some companies registered under other laws (like the Foreign Trade Policy) who are also allowed to participate in exports provided they meet certain criteria. For example:
- A non-resident Indian can form a totally owned subsidiary with 51% or less foreign participation and register it under the Indian Companies Act.
- A foreign company can set up a wholly owned subsidiary undertaking export activities in India if 80% or more of its shares are held by NRIs/PIOs (persons of Indian origin).
In order to attract foreign investment, a number of financial incentives have been developed by the government.
In order to attract foreign investment, a number of financial incentives have been developed by the government. These include:
- Tax benefits for investors, including exemptions on capital gains.
- Relaxation in environmental clearances and other administrative approvals.
- Tax holidays under the Income Tax Act 1961 (with exemption from income tax for a period of 180 days or more). The investor is required to bring his project into production within this period; otherwise, he will face heavy penalties.
Competition among countries for very limited markets has led to the extension of facilities or incentives to attract foreign technology and collaboration. For example, the government of India has introduced various schemes to promote exports of engineering goods through technology agreements and licensing arrangements. It also provides financial assistance to exporters, reduces risks associated with export trade, facilitates the formation of joint ventures by Indian companies with foreign companies, arranges for market surveys abroad through foreign trade promotion councils (FTPCs) in other countries and grants tax exemption on profits earned by FTPCs from their activities in promoting exports from India.
There are also schemes to reduce risks associated with export trade. The most common is the Export Credit Guarantee Scheme (ECGS), which provides a cover of up to 95% against non-payment from buyers in any country.
Another scheme, called the Export Credit Insurance Corporation scheme (ECIC), underwritten by private insurers, may be used for exports where ECGS cannot provide 100% coverage.
Export credit refinance guarantees are available for transactions which have been underwritten by an ECA member and involve refinance facilities from commercial banks or financial institutions. This is another scheme that can be availed of in cases where ECGS cannot provide 100% coverage for all the risks involved in your transaction.
The Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce has initiated programs to encourage exports of engineering goods through technology agreements and licensing arrangements. These programs are flexible and easy to use, which makes it easy for exporters to gain access to foreign markets. You can learn more about how your engineering exports business can benefit from these programs at dgftindia [dot] com/exporter-students-accelerated-growth-programs
There are also a number of financial incentives which help companies to set up shop abroad and benefit from tax concessions.
The government also provides financial assistance to exporters, including credit guarantees and export finance schemes.
The DGFT helps exporters in many ways
The DGFT helps exporters in many ways:
- By providing information and assistance to exporters and importers, the Directorate General of Foreign Trade (DGFT) promotes exports, provides facilities for export of goods and services including import of goods into India.
- The DGFT has been instrumental in promoting the economic interest of India by facilitating trade policy formulation, foreign trade relations and international trade cooperation.
- It also provides assistance for promotion of exports by making available technical expertise on various aspects related to marketing, logistics etc., consultancy regarding working capital finance facilities available from banks/Export Credit Guarantee Corporation Ltd., subsidy schemes available from Government of India etc.
