While some of the measures unveiled in the FY23/24 Union Budget are geared towards shoring up popular support ahead of next year’s general election, there is a clear long-term focus too. The projected jump in capital expenditure, cuts to import duties on electronics inputs and ramping up of schemes to boost investment in semiconductors are encouraging signs that India’s policymakers are attempting to capture the benefits from “friend-shoring” of manufacturing supply chains in a fracturing global economy.
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