Govt considering PLI scheme for furniture sector | The Financial Express

Govt considering PLI scheme for furniture sector

The government has already rolled out the scheme with an outlay of about Rs 2 lakh crore for as many as 14 sectors, including automobiles and auto components, white goods, pharma, textiles, advance chemistry cell and speciality steel.

Govt considering PLI scheme for furniture sector
Discussions are on for the PLI scheme for moulded furniture and toys, the official said.

The government is considering a Production Linked Incentive (PLI) scheme for certain types of furniture to boost domestic manufacturing, and exports and create jobs in the sector, an official said. The proposal is at the discussion stage, the official added.

The government has already rolled out the scheme with an outlay of about Rs 2 lakh crore for as many as 14 sectors, including automobiles and auto components, white goods, pharma, textiles, advance chemistry cell and speciality steel.
The objective of the scheme is to make domestic manufacturing globally competitive and to create global champions in manufacturing.

Discussions are on for the PLI scheme for moulded furniture and toys, the official said. The toy industry has demanded an extension of the scheme for the sector as it would promote local manufacturing and create jobs.

Manu Gupta, promotor of Playgro Toys India, said the government’s initiatives are helping the industry, but a National Toy Policy and Production Linked Incentive scheme would further support the growth of the sector.

Talking about the furniture sector, Trade Promotion Council of India Chairman Mohit Singla said there is already established competitiveness in the moulded furniture sector, and the PLI scheme would be a thoughtful step in that direction.

“Like we have industrial parks for the pharma sector, a similar move to develop a furniture cluster will give a fillip to the sector,” Singla said.

As per estimates, furniture export, at present, is about USD 400 million per year. Global furniture exports currently stand at USD 264 billion, and half of the market share is dominated by five countries – China, Germany, Poland, Italy and Vietnam

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

Photos
11 Photos
‘The festival of democracy’ – Modi votes in Gujarat 2nd phase! See PHOTOS
11 Photos
Gujarat Assembly Election 2022: The Festival of Democracy – In PICS
8 Photos
Mumbai Attack 26/11: Tributes paid to martyrs on 14th anniversary of terror attacks that shook the nation