Synopsis
The 2025 budget prioritizes enhancing the spending power of India's middle class, significantly benefiting various manufacturers, especially in the toy industry. A recent initiative aims to position India as a global hub for toy production, aligning with the 'Make in India' vision and promoting sustainable growth.Key Takeaways
- Budget 2025 focuses on middle-class spending.
- India aims to become a global hub for toys.
- Initiative to enhance manufacturing clusters.
- Government policies strengthen local toy production.
- Increased customs duties reduce reliance on imports.
New Delhi, Feb 2 (NationPress) The 2025 budget aims to enhance the spending capacity of India's expanding middle class, which is advantageous for manufacturers across all sectors, stated a prominent industry executive on Sunday.
"The proposal to establish a scheme that positions India as a global toy hub is commendable," remarked K A Shabir, CEO of Funskool India Limited.
On February 1, the Government unveiled an initiative aimed at creating clusters, improving skills, and fostering a robust manufacturing ecosystem to produce high-quality, innovative, and sustainable toys.
This initiative is in line with the 'Make in India' vision and is anticipated to strengthen the domestic toy sector.
"Building on the National Action Plan for Toys, we will roll out a scheme to establish India as a global hub for toys," stated Finance Minister Nirmala Sitharaman during the budget presentation in Parliament.
As a leading toy manufacturer, Funskool has proudly contributed to the 'Make in India' initiative and will continue to strive towards fortifying the Indian toy sector, Shabir further commented.
However, governmental policies such as mandatory quality standards and increased customs duties have been pivotal in bolstering India’s toy industry.
These policies have urged domestic manufacturers to elevate production standards, resulting in better quality and safer toys.
Moreover, by making imports more expensive, particularly from China, the Government has diminished India's dependency on foreign toys, providing local manufacturers a competitive advantage.
As India's toy exports have faced a downturn in recent years, industry leaders anticipate that this transition will not only enhance self-reliance in the sector but also align with the 'Make in India' initiative, promoting long-term growth for Indian toy producers.
