: Govt mulling PLI scheme for furniture sector #FinanceIndia #StockMarketNEWS Govt mulling PLI scheme for furniture sector New Delhi, Sept 5 (KNN) With the aim to make domestic manufacturing globally

@StockMarketNEWS Tue 06 Sep, 2022

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Govt mulling PLI scheme for furniture sector #FinanceIndia #StockMarketNEWS
Govt mulling PLI scheme for furniture sector New Delhi, Sept 5 (KNN) With the aim to make domestic manufacturing globally competitive, the production linked incentive (PLI) scheme for certain types of furniture is under consideration, an official said.

As per reports, the proposal to extend the scheme to the furniture sector is still at the discussion stage. This scheme will not only help boost manufacturing and exports, but will also help create jobs in the sector.

The furniture exports from India currently stands at USD 400 million per year. Whereas, the global exports currently is positioned at USD 264 billion and half of the market share is dominated by five countries i.e China, Germany, Poland, Italy and Vietnam

“The government has already rolled out the scheme with an outlay of about Rs 2 trillion for as many as 14 sectors, including automobiles and auto components, white goods, pharma, textiles, advance chemistry cell and speciality steel. Discussions are on for the PLI scheme for moulded furniture and toys,” the official said.

Speaking about the likely inclusion of the furniture sector under the PLI scheme, Trade Promotion Council of India Chairman Mohit Singla, said that 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.

Centre along with the furniture sector is also considering to bring the toy sector under the scheme. (KNN Bureau)