Government working to expand PLI benefits to BIS-compliant toys by Rs. 3,500 crore
- ByStartupStory | December 5, 2022
According to an official, the government is working to extend toys that meet Bureau of Indian Standards (BIS) requirements benefits worth Rs 3,500 crore under the Production-Linked Incentive (PLI) programme in order to increase exports, attract investments, and make domestic manufacturing more competitive on a global scale.
According to the official, the government’s actions, including the introduction of quality control orders and a 20% to 60% increase in customs duties, have reduced the importation of subpar goods and encouraged domestic manufacturing in the nation.
“Our current efforts are focused on expanding PLI benefits for toys, but they will only be provided to BIS-compliant toys. PLI advantages may be granted based on several investment tiers, which may range from Rs 25 to Rs 50 or Rs 100 to 200 crore “the representative stated.
The idea is to provide incentives for the entire product rather than individual components because the toy industry still needs to import some essential components that are not produced in India. India’s national standards body is called BIS. It creates and distributes Indian standards, implements conformity assessment plans, recognises and manages conformity assessment laboratories, uses hallmarking, and runs programmes to increase quality assurance capacity.
India-made toys aren’t just sold to international companies; they’re also carving out a niche for themselves in the markets. The government is considering expanding these benefits beyond toys to include other industries like bicycles, footwear, some vaccine components, shipping containers, and specific telecom products.Naresh Kumar Gautam, CEO of Little Genius Toys Pvt Ltd, previously stated that although government-announced support measures are aiding the industry, the PLI scheme and a council would provide additional impetus because they have great potential for job creation.
A total of 14 industries, including white goods, pharmaceuticals, textiles, food products, high-efficiency solar PV modules, advanced chemistry cells, and speciality steel, are included in the scheme that the government has already launched. The program’s goal is to make domestic manufacturing competitive on a global scale and to produce manufacturing world champions.
The PLI programme also seeks to increase India’s exports, improve efficiency, foster economies of scale, and make Indian manufacturers more competitive on a global scale while also luring investment in cutting-edge technology and core competencies.
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