ENA Sectors 2025-02-13 14:20:42 <p><span style="font-size:14px"><strong>New Delhi, Feb 13 (KNN)</strong> 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.</span></p> <p><span style="font-size:14px">The announcement came during his address at the Invest Karnataka 2025 - Global Investors Meet in Bengaluru on Wednesday.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">The upcoming policies aim to build on this momentum and establish India as a global leader in both sectors.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">These investments target various industries, including electric mobility, auto components, semiconductors, and textiles, with the goal of creating substantial employment opportunities.</span></p> <p><span style="font-size:14px">Karnataka, particularly Bengaluru, was recognised for its significant contribution to India's economic growth through its growing number of global capability centers.</span></p> <p><span style="font-size:14px">Goyal emphasised the importance of cooperation between central and state governments in achieving development objectives.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">The initiatives are expected to support startups, MSMEs, and the manufacturing sector, positioning India as a global manufacturing hub.</span></p> <p><span style="font-size:14px">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.</span></p> <p><em><strong><span style="font-size:14px">(KNN Bureau)</span></strong></em></p> 41055 https://knnindia.co.in/news/newsdetails/sectors/new-policies-to-boost-indias-toy-and-footwear-manufacturing 2025-02-13 14:20:42 knnindia.co.in