International trade creates tremendous opportunities for business and economic expansion. India has steadily nurtured its global trade profile over the past decade, and last year, the country’s exports increased by 20%.1 As a result, the country saw the fastest GDP growth rates globally, between 2013 and 2018.2
The government continues to ensure these successes by providing incentives for international trade. However, prospective traders need to obtain the right permits and approvals before they can conduct business internationally. An Import-Export Code (IEC) is one of these approvals.
This article provides an overall introduction to the IEC. It explains the requirements, processes, steps for registering for the IEC, and the benefits of having this code.