How India can be part of global supply chains
A major shift in policy has been taking place in the pursuit of Atma Nirbhar Bharat. These found clear expression in the Finance Minister's Budget speech. The two key industrial policy instruments being adopted are a review of import duties to promote domestic manufacturing and a PLI (Production Linked Incentive) scheme for cash payment on the achievement of pre-determined benchmarks to firms across a wide spectrum of manufacturing. To succeed in making a breakthrough in getting global supply chains speedily now when a major window of opportunity has opened, it would be best to pursue a dual track approach of offering attractive investment destinations with globally competitive infrastructure in both the domestic tariff area as well as in the SEZs with the new investor friendly regulatory framework.