New Delhi
The Economic Survey 2023-2024, released on Monday, highlights India’s robust infrastructure for attracting foreign direct investment (FDI) in sectors like renewables, telecommunications, software, hardware, and consultancy services. India is focusing on integrating its value chain with Western markets, especially in renewable energy and advanced technologies such as AI, semiconductors, and next-gen telecom. This strategy is supported by agreements like the Australia-India Free Trade Agreement and the US-India Clean Energy Initiative.
The Survey notes a rise in exports of eco-friendly technologies, with exports to the USA growing from $199.2 million in FY20 to $326.9 million in FY24. Major American and European renewable energy companies, including First Solar, Vestas, and Scatec, have established operations in India due to increasing demand for green technologies.
India ranks second globally in telecom, computer, and information services exports, and is among the top exporters in several other categories, including personal and recreational services. To support its vision of becoming ‘Aatmanirbhar,’ India announced Production Linked Incentive (PLI) schemes for 14 key sectors with a budget of Rs 1.97 lakh crore to boost manufacturing and exports. By May 2024, investments exceeding Rs 1.28 lakh crore have generated Rs 10.8 lakh crore in production and over 8.5 lakh jobs, while exports have increased by Rs 4 lakh crore, particularly in electronics, pharmaceuticals, food processing, and telecom.
