India announced this month an ambitious objective of $2 trillion in total exports by 2030.

Through output-incentive policies and the expansion of its domestic consumer market, India hopes to become more involved in global supply chains and serve as an alternative to China, according to Finance Minister Nirmala Sitharaman.

Ms Sitharaman said at the Peterson Institute for International Economics that so-called production-linked incentive programmes encompassing 13 manufacturing sectors, including semiconductors, "are bringing in global value chains into India."

"By doing so, we hope to have production of many of these large, bulk-manufactured goods that can go from India," she added, to fulfil both foreign and domestic demand.

India set an ambitious aim of $2 trillion in total exports by 2030 last month, as the South Asian country makes a fresh drive to become a top alternative for corporations relocating supply chains away from China.

Ms Sitharaman used the example of mobile phone manufacturing on Monday: in 2014, the Asian nation produced just few devices, but the business has evolved to become one of the world's largest exporters.

Over the last year, India has pursued bilateral trade treaties with a variety of nations, including Australia, the United Kingdom, and Canada, departing from its normal cautious approach to such arrangements. Ms Sitharaman stated on Monday that the country of 1.4 billion people is also moving forward with a deal with the European Union.