As the New Year begins, Indians wait for some major yearly announcements and one of those announcements is the Union Budget. It is a roadmap of India’s plans for the year that covers all the states, sectors, and government schemes and how will and should they operate for consistent growth and development.
Recently, the Finance Minister of India, Smt Nirmala Sitharaman announced the specifics of the Union Budget of 2025. The budget comprises various new additional measures, amending old measures, and the complete removal of some outdated measures. One of the agendas of this year’s budget is to make India a global hub for the sustainable manufacturing of toys.
Read the news article to know more about this newly added agenda to the Union Budget of 2025 and why it has been added.
Read More: 25 Major Points About The Union Budget Of 2025
Will India Be A Global Hub For Toys?
Recently, the most awaited announcement was made by the Finance Minister of India, Smt Nirmala Sitharaman regarding Budget 2025 where she also highlighted all the major points in it. The budget has several components for all the states and central and state govt schemes, services, and programs.
One of the agendas in the Budget 2025 was regarding the manufacturing of toys. The Finance Minister announced that the government is working on launching a new scheme to boost the manufacturing of toys within the boundaries of India.
The government is planning to promote sustainable manufacturing of toys and the nation a global hub when it comes to toy manufacturing. This creation of a new scheme for boosting toy manufacturing aligns with the government’s previous initiatives like the National Action Plan for Toys.
Between the years 2014 to 2020, India doubled the number of toy manufacturing units. It was also reported that from 2014 to 2023, toy imports have decreased by a huge percentage of 52% while toy exports have increased by an impressive percentage of 239%.
From a large perspective, this decision also goes in line with the Indian government’s initiative of Make in India.
About Make In India
The government of India launched the Make in India initiative in the year 2014 for the sustainable growth and development of the country by promoting all sectors not just traditional ones. The primary aim of the govt initiative is to boost the manufacturing sector and increase economic growth along with enhancing its reputation in the ‘Ease of doing Business’ index to attract foreign companies to invest in businesses in India.
Conclusion
The agenda of promoting toy manufacturing in India to make the country a global hub for sustainable manufacturing of toys is a tactical mission that will boost India’s exports and related govt initiatives like Make in India.
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