Consider the following statements : Statement-I : India accounts for 3.2% of global export of goods. Statement-II :Many local companies and some foreign companies operating in India have taken advantage of India’s ‘Production-linked Incentive’ scheme. Which one of the following is correct in respect of the above statements?
Explanation
* Statement I is incorrect: India's share in global merchandise trade is only 1.8% and 4% in global services. India plans to increase its export share in global trade from 2.1% to 3% by 2027 and 10% by 2047.
* Statement II is correct: The PLI scheme is open to both domestic and international manufacturers. Samsung as well as Indian firms such as Dixon Technologies, UTL, Neolyncs, Lava International, Optiemus Electronics and Micromax are also expanding their factories to take advantage of the PLI scheme.