7th March 2023 (6 Topics)
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A New Trade Strategy
Context:
- The Production-linked Incentive (PLI) scheme has been a game changer for Indian economy which has not only transformed India into a manufacturing hub but has also curtailed its burgeoning trade deficit in electronics and other manufactured
Production linked incentive scheme:
- Implemented in sectors: The PLI scheme, launched in March 2020, initially targeted manufacturing mobile phones, electrical components and medical devices, and was later extended to 14 manufacturing sectors.
- Boosted electronic manufacturing: The electronics manufacturing attracted a massive investment and its exports have grown rapidly by over 55 per cent annually.
- Increase in Expenditure: Capital expenditure allocation has been sharply increased by 33 per cent to a record Rs.10 trillion on the development of rail, road, air, and ocean infrastructure, which would go a long way to make export logistics efficient.
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