Economic Survey Advocates for Increased FDI from China to Boost India's Exports

• The Economic Survey 2023-24 suggests India should focus on attracting FDI from China to benefit from the global 'China Plus One' strategy, rather than integrating into China's supply chain.
• The Survey highlights India's growing electronic exports, particularly in mobile phones, as a key area of growth.
• With multinational companies shifting away from China, India has a unique opportunity to attract Chinese investments and boost its manufacturing exports.
• The government's PLI scheme, offering tax breaks and subsidies, is crucial in attracting companies to set up operations in India, especially in the electronics sector.
• Major tech companies like Apple and Google are already increasing their production in India, signaling a positive trend for the country's manufacturing landscape.

Source: Inc42