Nirmala Sitharaman, India's finance minister, stated that output-incentive plans and the expansion of the country's consumer market are India's primary strategies for competing with China in global supply chains.
Sitharaman stated at the Peterson Institute for International Economics that so-called production-linked incentive programs that cover 13 manufacturing sectors, including semiconductors, "are bringing in global value chains into India." She stated, "We hope to have production of many of these large, bulk-manufactured goods that can go from India" in order to satisfy both domestic and international demand.
As the South Asian nation renews its efforts to become a top choice for businesses shifting supply chains away from China, India set an ambitious goal of reaching $2 trillion annually in overall exports by 2030.
Sitharaman used the manufacturing of mobile phones on Monday as an illustration. In 2014, the Asian nation produced very few phones, but the industry had grown to become one of the biggest exporters in the world.
She is traveling to the United States for a week to attend the World Bank and IMF's Spring Meetings.