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Perfumes, toiletries, umbrellas, toys, imitation jewellery, solar panels, mobile phones…. Over the past 10 years, all of these items and many more have attracted the attention of the Modi government’s Make in India enthusiasm.
Add in, since 2016, the following: Demonetisation, a crash deadline to introduce the Goods and Services Tax, two versions of the clunkily named Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (better known as FAME-I & -II), a Production-Linked Incentive (PLI) scheme, and now the licensing of laptops and generous state subsidies for semiconductor manufacture.
Indian economic reform was, or so its votaries assured us, all about the government leaving the business of doing business to businesspeople. But the extant version of economic reform appears