India Made Toys are not only supplying to Global Brands but they are also making their place in Global Markets. Not just toys, the government is also planning to extend these benefits to other sectors such as cycles, footwear, some vaccine materials, shipping containers and some telecom products.
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After reining in Chinese toys, now the central government has started the desi toys market. (Domestic Toy Market) Thinking of boosting up. so that toys in India around the world (Indian Toys) Can create a blast In fact, to make domestic manufacturing globally competitive, the government is now extending the benefit of PLI to toys worth Rs 3,500 crore. (PLI Benefit fot Toys) Thinking of giving This benefit will be given only to those who meet the standards of Bureau of Indian Standards i.e. BIS. (UP TO standard) Will be in line with
Why PLI Scheme to Toys Industry?
An official told news agency PTI that the introduction of the Quality Control Order and increase in customs duty from 20 per cent to 60 per cent have helped in reducing sub-standard imports and promoting domestic manufacturing. The official said that the PLI benefit now available to toys will help attract investment and increase exports.
The official told PTI that now we are working on giving PLI (Production Linked Incentive) benefit to toys, but it will be given only to BIS-compliant toys. PLI benefit can be given according to different investment slabs which can range from Rs 25 crore to Rs 50 crore or Rs 100-200 crore.
What is Production Linked Incentive Scheme?
Production Linked Incentive or PLI scheme is a scheme whose objective is to provide incentives to companies on incremental sales of products manufactured in domestic units. Under this scheme, foreign companies are also allowed to set up units in India, but at the same time, it allows local companies to set up or expand existing manufacturing units and generate more employment and reduce the country’s dependence on imports from other countries. encourages to do.
How will the PLI scheme be applicable to toys?
The incentive under the proposal will be applicable to the entire product and not to the components as the industry still needs to import certain components which are critical for the production of toys and are not manufactured in India.
The incentive will be applicable on BIS-compliant toys. BIS is the National Standards Body of India which implements Conformity Assessment Schemes, accredits and runs laboratories for Conformity Assessment, enforces Hallmarking, conducts Capacity Building Programs on Quality Assurance.
India Made Toys are not only supplying to Global Brands but they are also making their place in Global Markets. Not just toys, the government is also planning to extend these benefits to other sectors such as cycles, footwear, some vaccine materials, shipping containers and some telecom products.
Naresh Kumar Gautam, CEO of Little Genius Toys Pvt Ltd, has asserted that the PLI scheme and a council will give further impetus as it has huge potential for job creation. Inter-ministerial discussions are going on on these various proposals.
Which other sectors are taking advantage of the PLI scheme?
The government has already implemented the scheme for 14 sectors with around Rs 2 lakh crore, including automobiles and auto components, white goods, pharma, textiles, food products, solar PV modules, advanced chemical cells and steel .
Source: www.tv9hindi.com”