BANGALORE: Union Minister of Commerce and Industry, Piyush Goyal said that the central government will soon introduce new policies to boost the manufacturing of toys and footwear in India. The target is to make India a global leader in commerce and industries.
Speaking at the Invest Karnataka 2025 - Global Investors Meet in Bangalore on Wednesday, Goyal talked about how government efforts have already helped the toy industry growth.
The minister said, "India’s toy imports have dropped by 50 percent, and our exports are now 3.5 times higher than they were five years ago. And we will shortly introduce policies to further support manufacturing in toys & footwear so that India can become a global leader in these fields."
Goyal also spoke about the government's broader push for high-tech manufacturing. He said that nearly Rs.2.00 lakh-crore has been allocated under the Production-Linked Incentive scheme, along with Rs.74000 crore for the Semicon Mission. These investments will help industries like electric mobility, auto components, semi-conductors, and textiles, which create many jobs.
The Minister highlighted Karnataka's key role in India's economic growth. He went on to say the state, especially Bangalore, is home to many global capability centers, and more are expected in the coming years.
Goyal also said Prime Minister Narendra Modi’s vision of Viksit Bharat-2047, which focuses make India a developed nation by 2047. He added that government initiatives like the Production-Linked Incentive scheme are helping startups, Micro, Small & Medium Enterprises, and the manufacturing sector, driving economic growth and making India a major manufacturing hub.
The Invest Karnataka 2025 event brought together top industry leaders, investors, and policy-makers to discuss investment opportunities and strategies for improving economic development in Karnataka and across India.
Other Major Announcements
The Investor Meet saw a series of other announcements as well.
Automobile and vehicle components company TVS Motor India has signed a, MOU with Karnataka to invest Rs 2,000 cr over 5 years to establish a global capability centre in Karnataka and expand its operations in Mysure.
The government OF Karnataka introduced the new Industrial Policy 2025-30, targetting for a 12% annual growth rate in manufacturing, looking at Rs 7.5-lakh crore in investments and generating 20 lakh jobs by 2030.
Karnataka government also launched an AI-powered single window system, in alliance with Microsoft to fast-track industrial approvals and improve business capapcity.