Make in India, the flagship programme of the government will complete eight years on September 25.
The initiative is an open invitation to potential investors and partners across the globe to participate in the growth story of 'New India'.
To attract foreign investments, the government has put in place a policy wherein most sectors are open to Foreign Direct Investment (FDI) under the automatic route. FDI inflows in India stood at $45.15 billion in 2014-2015 and have since consecutively reached record FDI inflows for eight years. The year 2021-22 recorded the highest FDI at $83.6 billion. This FDI has come from 101 countries and invested across 31 Union Territories and states and 57 sectors in the country.
The Production Linked Incentive (PLI) scheme covers 14 key manufacturing sectors. It incentivises domestic production in strategic growth sectors where India has a comparative advantage. This includes strengthening domestic manufacturing, forming resilient supply chains, making Indian industries more competitive and boosting the export potential.
The government has also launched a $10 billion incentive scheme to build a semiconductor, display, and design ecosystem in India.
In 2018-19, Toys worth $371 million (Rs. 2960 crore) were imported into our country. A large proportion of these toys were reportedly unsafe, substandard, counterfeit, and cheap. To address the import of low-quality and hazardous toys and to enhance domestic manufacturing of toys, several strategic interventions have been taken by the government.
Some key initiatives include the increase of Basic Customs Duty from 20 percent to 60 percent, implementation of Quality Control Order, mandatory sample testing of imported toys, granting more than 850 Bureau of Indian Standards (BIS) licenses to domestic toy manufacturers, development of toy clusters etc. Several promotional initiatives including The India Toy Fair 2021, Toycathon 2021, and Toy Business League 2022 were conducted to promote indigenous toys to encourage innovation and new-age design to suit global requirements. The import of toys in FY21-22 has reduced by 70 percent to $110 million (Rs 877.8 crore).
Simultaneously, the efforts of the industry have led to an export of $326 million (Rs 2601.5 crore) of toys in FY21-22, which is an increase of over 61 percent over $202 million (Rs 1612 crore) of FY18-19. India’s export of toys registered tremendous growth of 636 percent in April-August 2022 over the same period in 2013.
First Published: Sept 24, 2022 7:45 PM IST
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