The Economic Survey of 2019-20 has revealed that India has to learn a lesson from China's success in exports and launch a project "Assemble in India" for the world which would improve or boost the Indian Economy by generating revenue and at the same time create of a about 10 million jobs.
China, currently being the largest export economy in the world which means it is the largest manufacturing economy and exporter of goods. Economic Survey added that presently with the US- China trade tensions, India has to make use of this opportunities in export manufacturing and creation of jobs. Such a move is expected to pave way for India's aspiration be a 5 trillion economy.
By implementing "Assemble in India" it is expected to raise export share of India to 3.5% and create about 4 crore jobs by 2025.
The US- China trade war has a major effect on the world and is causing major adjustments in the global value chain and firms are looking for alternative location for operations. Even before the trade war began, China's image of being the low cost provider was changing due to labour shortages and increased wages.
The Survey said that India has to focus on the group of industries called 'network products' like computers,electric and electronic equipments, telecommunication equipments and automobiles where production process are fragmented and controlled by multi nationals.
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