India's Toy and Footwear Industries Set for Global Leadership with New Policies

Union Minister Piyush Goyal announced new government policies to boost India's toy and footwear manufacturing, aiming for global leadership. At the Invest Karnataka 2025 Meet, he highlighted significant export growth and investments in sectors via initiatives like the PLI scheme, concentrating on employment and technological advancement.

In a significant move, Union Minister of Commerce and Industry Piyush Goyal unveiled plans for new government policies focused on bolstering toy and footwear manufacturing in India. This initiative is part of a larger goal to position the country as a global leader in these industries.

Speaking at the Invest Karnataka 2025 - Global Investors Meet in Bengaluru, Goyal noted a remarkable reduction in toy imports, now at 50%, and a substantial increase in exports, which are 3.5 times higher than five years ago. The forthcoming policies are expected to advance India's position in the global market.

Goyal emphasized the government's broader mission to strengthen high-tech manufacturing, with significant investments like the Production-Linked Incentive (PLI) scheme and the Semicon Mission, aiming to enhance sectors that offer vast employment opportunities, including electric mobility and semiconductors.

The Minister also highlighted Karnataka's strategic importance in economic expansion, underscoring the need for collaboration between central and state governments to meet development objectives. Karnataka, particularly Bengaluru, is emerging as a significant hub for global capability centers.

Echoing Prime Minister Narendra Modi's vision of Viksit Bharat 2047, Goyal spoke on the role of government initiatives like the PLI scheme in supporting startups, MSMEs, and the manufacturing sector, driving economic growth and cementing India's status as a global manufacturing hub.

The Invest Karnataka 2025 event provided a platform for industry leaders, investors, and policymakers to explore investment prospects and formulate strategies to enhance economic development within the state and the nation.