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Government will take these steps to strengthen the manufacturing sector for employment
Union Budget 2025: Finance Minister Nirmala Sitharaman emphasized various measures to increase employment in the budget presented on Saturday. She talked about making India a global hub in the toy business. Strengthening the manufacturing sector is necessary for employment. Keeping this in mind, an attempt has been made to increase employment and consumption by focusing on manufacturing.
If employment is to be increased, then manufacturing has to be done. That has been experienced in the budget for a second time. In the budget, items such as electronic goods, non-leather and leather shoes, toys, technical textiles, and such items have been included predominantly in the budget. Most significant in generating consumption in the presence of a decelerating growth pace in the economy and new jobs can be created at a single go through stimulation of the small sector.
Due to the new policy to discourage sales of Chinese goods through an increased level of duty in America, a strong possibility of exporting to America in toy and leather goods can occur. China exports $33 billion worth of toys and other games to America, and India's overall toy shipments in the last financial year amounted to $150 million alone.
Similarly, China exports footwear worth $12 billion annually to the US market, while India's total exports of leather and leather items are close to $5 billion. A focus product scheme for the footwear and leather sector has been announced in the budget, under which financial assistance will be given on things like designing, components, and machinery of these items.
