Speaking at the Invest Karnataka 2025 - Global Investors Meet in Bengaluru on Wednesday, the Union Minister of Commerce and Industry, Piyush Goyal, announced that the government will shortly introduce new policies to promote the manufacturing of toys and footwear in the country. The aim is to make India a global leader in these sectors.
The Minister said, "Our import of toys has reduced to 50 per cent. Our exports are now 3.5 times what it was 5 years ago, and we will soon come out with policies to further promote manufacturing in toys, in footwear, so that we can become a global champion in these sectors."
He shared that the upcoming governmental policies will further boost the growth of toys and footwear manufacturing in India.
Allocation of funds
The Minister also disclosed that nearly Rs 2 lakh crore has been allocated under the Production-Linked Incentive (PLI) scheme, along with Rs 74,000 crore for the Semicon Mission.
These initiatives aim to flourish industries such as electric mobility, auto components, semiconductors, and textiles, which produce significant employment opportunities.
Goyal remarked, "We have a large focus on global capability centers which are being set up across the country, and Karnataka, particularly Bengaluru, has a large number of global capability centers and many more coming in the years to come.
He discussed Prime Minister Narendra Modi's vision of Viksit Bharat 2047 on preparing India as a developed nation by 2047.
The Union Minister also mentioned government initiatives, including the PLI scheme, MSMEs, etc. to drive economic growth and help India become a global manufacturing hub.
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