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Invisible Export.




Introduction
Invisible export is the part of international trade that does not involve the transfer of goods or tangible objects, which mostly include service sectors like banking, advertising, copyrights, insurance, consultancy etc. invisible exort also known as invisible trade is basically associated with the person’s own skill and knowledge is what is 'sold' rather than a piece of software or books.

Invisible trade is composed of invisible imports and invisible exports. Since nothing tangible is transferred, the importer is defined as the person, group or country that receives the service. The exporter is defined as the supplier of the service. The net total of a country's invisible imports and invisible exports is called the invisible balance of trade and is a part of the country's balance of trade. For countries that rely on service exports or on tourism, the invisible balance is particularly important.

Export Performance of the Indian service Industry
An analysis of the consultancy contracts secured by Indian project in the foreign market has been carried out by Exim Bank of India. As per the analysis, done during 1995-96 to 2000-01 indicates that consultancy contracts were secured largely in West Asia which accounted for 39% number wise and 46% value wise followed by South East Asia and Pacific & South Asia.

South East Asia constituted 22% both by number and by value whereas South Asia was 18% number wise and 16% value wise. According to the 2002 data of the Federation of Indian Export Organizations (FIEO), India's share in global trade in services was about 1.3%. India’s share of consultancy exports is about 0.5% of global trade in services.

Government Initiatives
In the recent years the Government of India has take some important step for the improvement of service based export. The Foreign Trade Policy, 2004 – 09 is one of them, which has announced the setting up of Services Export Promotion Council for promoting the Indian service sector in the foreign market. Government of India has also introduced Market Development Assistance (MDA), Market Access Initiative (MAI) scheme, proactive EXIM Policy and EXIM Bank schemes. Government also provides exemption on service tax for export of consultancy services. However due to lack of clarity in the provisions in the present notification, consultancy export may be affected.

Strengths and Weaknesses of Indian Consulting Industry

  • The major strengths of Indian invisible export or invisible trade include professional competence, low cost structure, diverse capabilities, high adaptability and quick learning capability of Indian consultants.
  • The major weaknesses of Indian invisible trade or invisible export include low quality assurance, low local presence overseas, low equity base, lack of market intelligence and low level of R&D.

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What is New?

Date: 31-01-2019
Notification No. 83/ 2018 - Customs
Seeks to amend notification No. 152/2009-Customs dated 31.12.2009 so as to provide deeper tariff concessions in respect of specified goods imported from Korea RP under the India-Korea Comprehensive Economic Partnership Agreement (CEPA) w.e.f. 01.01.2019.

Date: 31-01-2019
Notification No. 84/2018-Customs
Seeks to amend notification No. 53/2011-Customs dated 01st July, 2011 so as to provide deeper tariff concessions in respect of specified goods imported from Malaysia under the India-Malaysia Comprehensive Economic Cooperation Agreement (IMCECA) w.e.f. 01.01.2019.

Date: 14-01-2019
Policy Circular No . 17/2015--2020
Additional extension of six months in the Export Obligation Period (EOP) (beyond permissible extension period in Para 4.42 of the HBP) to advance authorizations issued upto 30.06.2016 involving import of Raw cashew (SION E S) relaxation of Policy/ Procedure.

Date: 11-01-2019
Notification No.3/2019 - Customs (N.T.)
Exchange Rates Notification No.3/2019-Custom(NT) dated 11.1.2019.

Date: 11-01-2019
Trade Notice No. 42/2015-2020
Mandatory recording of information on DGFT website about transfer of MEIS/SEIS Scrips issued from 14.1.2019 onwards (for EDI ports only)

Date: 10-01-2019
Notification No. 53/2015-20
Amendment in Para 4.14 and 4.16 (ii) of the Foreign Trade Policy 2015-20

Date: 10-01-2019
Notification No. 01/2019 - Customs
Seeks to remove pre-import condition and include specified deemed export supplies for exemption from integrated tax and Compensation cess for materials imported against Advance Authorizations and Advance Authorizations for Annual Requirement

Date: 09-01-2019
Policy Circular No.16 /2015--2020
Guidelines to RAs for following Standard Operating Procedure (SOP) for EODC monitoring of both Advance as well as EPCG authorizations using software in website http://eodc.online - Reg.

Date: 08-01-2019
Notification No. 50/2015-2020
Import policy for electronics and IT Goods under Schedule – I (Import Policy) of ITC (HS), 2017.

Date: 08-01-2019
Notification No 51/2015-2020
Amendment in Import Policy of Aviation Gasoline under Exim Code 27101219 in the ITC (HS) 2017,Schedule-I(Import Policy) -regd.



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