Budget 2024: India’s budget may lay red carpet for the world to shift supply chain from China
Interim Budget: India has in recent years expressed a clear intention to expand its role in global manufacturing and trade, aiming to emerge as a viable alternative to China. This strategic shift has been emphasised by Finance Minister Nirmala Sitharaman, who highlighted India’s plans to incentivise production and bolster its domestic consumer market.
For decades, China dominated global manufacturing, earning the title of “factory of the world.” However, recent global events have sparked a reconsideration of this dependency