New Policies to Boost India's Toy and Footwear Manufacturing

New Delhi, Feb 13 (KNN) Union Minister of Commerce and Industry Piyush Goyal announced that the Indian government will soon introduce new policies to strengthen the country's toy and footwear manufacturing sectors.

The announcement came during his address at the Invest Karnataka 2025 - Global Investors Meet in Bengaluru on Wednesday.

Highlighting recent successes in the toy industry, Goyal reported that toy imports have decreased by 50 percent, while exports have surged to 3.5 times their volume from five years ago.

The upcoming policies aim to build on this momentum and establish India as a global leader in both sectors.

The announcement is part of a broader push to enhance India's manufacturing capabilities. Goyal detailed that the government has allocated approximately Rs 2 lakh crore under the Production-Linked Incentive (PLI) scheme and Rs 74,000 crore for the Semicon Mission.

These investments target various industries, including electric mobility, auto components, semiconductors, and textiles, with the goal of creating substantial employment opportunities.

Karnataka, particularly Bengaluru, was recognised for its significant contribution to India's economic growth through its growing number of global capability centers.

Goyal emphasised the importance of cooperation between central and state governments in achieving development objectives.

The minister's announcement aligns with Prime Minister Narendra Modi's vision of "Viksit Bharat 2047," which aims to transform India into a developed nation by 2047.

The initiatives are expected to support startups, MSMEs, and the manufacturing sector, positioning India as a global manufacturing hub.

The announcement was made at the Invest Karnataka 2025 event, which brought together industry leaders, investors, and policymakers to explore investment opportunities and economic development strategies.

(KNN Bureau)