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Consider the following statements regarding India's foreign trade policy:
Statement I: India's foreign trade policy aims to promote exports and manage imports.
Statement II: The Directorate General of Foreign Trade (DGFT) formulates and implements India's foreign trade policy.
Which of the statements given above is/are correct?
Correct Answer: C — Both Statement I and Statement II
Explanation:
The correct answer is C: Both Statement I and Statement II.
India's foreign trade policy is designed to promote exports and regulate imports to strengthen the economy. The DGFT, under the Ministry of Commerce and Industry, is the apex body responsible for formulating and implementing the foreign trade policy in India.