India's Foreign Trade Policy aims to promote exports and reduce imports in order to achieve a favorable balance of trade and boost economic growth.

Export subsidies are financial incentives provided by the government to exporters to make their products more competitive in international markets.

Import tariffs are taxes imposed on imported goods, which make them more expensive for consumers. This protects domestic industries from foreign competition by making their products relatively cheaper.

Import quotas are quantitative restrictions that limit the quantity of a particular good that can be imported into a country.

Foreign exchange controls are regulations imposed by the government on the purchase and sale of foreign currency. They are used to stabilize the exchange rate and prevent excessive fluctuations in the value of the domestic currency.

A free trade agreement is a type of trade agreement between two or more countries that eliminates or reduces tariffs and other trade barriers on goods and services traded between them.

Free trade agreements typically lead to a decrease in consumer prices by reducing the cost of imported goods and increasing competition in the domestic market.

A customs union is a type of trade agreement between two or more countries that eliminates tariffs and other trade barriers on goods traded between them, while maintaining a common external tariff on goods imported from non-member countries.

An economic union is a type of trade agreement that goes beyond a common market by also including a common currency and a common monetary policy.

India faces several challenges in implementing its Foreign Trade Policy, including lack of infrastructure, high cost of production, and lack of access to finance for exporters.