PRELIMS BITS
- Strengthening Domestic Manufacturing:
- Initiatives like the Production-Linked Incentive (PLI) Scheme and Make in India aim to enhance domestic manufacturing capabilities.
- Diversification of Trade Partners:
- India is forging new trade agreements with countries like the UAE, Australia, and the EU.
- Reducing Dependence on China:
- India is adopting a China+1 strategy, reducing its dependency on China by diversifying suppliers.
- Internationalization of the Rupee:
- This involves promoting the use of the Indian Rupee in international trade, reducing exposure to foreign currency fluctuations.