Consider the following statements:
Statement-1 : 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?
(a) Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-I
(b) Both Statement-I and Statement-II are correct and Statement-II is not the correct explanation for Statement-I I
(c) Statement-I is correct Statement-II is incorrect is incorrect but statement 2 is incorrect
(d) Statement 1 is incorrect but statement 2 is correct.
The correct answer is (d).
Statement-1 is incorrect. According to the World Trade Organization (WTO), India’s share of global exports of goods was 2.9% in 2020.
Statement-2 is correct. The Production-linked Incentive (PLI) scheme is a government-backed initiative that provides financial incentives to companies that manufacture products in India. The PLI scheme has been successful in attracting investment from both local and foreign companies. As a result of the PLI scheme, India’s share of global exports of goods is expected to increase in the coming years.
Therefore, Statement-1 is incorrect but Statement-2 is correct.