India to introduce new policies to boost toy and footwear manufacturing

India is set to introduce new policies aimed at strengthening its toy and footwear manufacturing industries as part of broader efforts to establish the country as a global leader in these sectors. This is reported by ANI, a partner of TV BRICS.

Union Minister of Commerce and Industry Piyush Goyal highlighted the success of government interventions in the toy industry, noting that toy imports have decreased by 50 per cent while exports have surged to 3.5 times their level five years ago. The forthcoming policies are expected to further accelerate domestic production in both the toy and footwear industries.

The minister pointed out that nearly US$23.02 billion has been allocated under the Production Linked Incentive (PLI) scheme, alongside US$8.52 billion for the Semicon Mission. These measures aim to strengthen industries such as electric mobility, auto components, semiconductors, and textiles, all of which play a crucial role in job creation and economic growth.

Goyal also underscored the government's commitment to advancing high-tech manufacturing across various sectors. Karnataka remains a pivotal state in India's economic expansion, with Bengaluru emerging as a major centre for global capability hubs. Goyal emphasised the importance of collaboration between the central and state governments in driving development and achieving national growth targets.

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