Trade Sector Updates – Falling Exports, TIES, MEIS, Foreign Trade Policy, etc.

[pib] Surjit Bhalla Committee on Trade and Policy

Note4Students

From UPSC perspective, the following things are important :

Prelims level : Elephant Bonds

Mains level : Financial services sector of India

  • High Level Advisory Group (HLAG) headed by Dr. Surjit S. Bhalla has been constituted by the Department of Commerce.

Surjit Bhalla Committee Recommendations

  • The HLAG has made several recommendations for boosting India’s share and importance in global merchandise and services trade.
  • Among other things, the Report identifies tax reforms also to boost export and investment channels for exports.
  • The Committee has recommended “Elephant Bonds” as a specialised security product providing funds towards Long Term Infrastructure.
  • HLAG has also made recommendations for reforms in Financial Services Framework for making India a Preferred Destination for financial services.

About Elephant Bonds

  • Elephant Bonds are the 25-year sovereign bonds in which people declaring undisclosed income will be bound to invest 50 per cent.
  • The fund, made from these bonds, will be utilized only for infrastructure projects.
  • It is like an Amnesty scheme to help State treasury raising tax revenues, adding beneficiaries in tax base who have not declared their assets previously.
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