Your point is valid, I don’t think it is a good idea to invest solely based on government policies such as PLI schemes. Not only that the government can change, but the policies can change even without a change in government. Note the recent announcement about cut in EV subsidies. So, if you think a project is viable solely because of government subsidies, it is best to stay away from such opportunities. That said, there is no harm in trying to bet on one or two such opportunities while keeping a diversified portfolio, so that in the event of an adverse development, you don’t lose your shirt.
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