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M-83 Fuze Select

Marked "GROUND" and "AIR"
I would assume this would configure the bomb for ground or air burst.

Or possibly could be the arming mode: "Ground" would arm after landing, creating an antipersonnel mine.
"Air" would arm while descending, detonating on impact.

Any help would be appreciated!

(Note the Arming Spindle in the armed condition.)