Finance Minister Nirmala Sitharaman has been allegedly under fire for a long time these past five years for failing to address matters pertinent to middle-class citizens. However, with this year’s Budget, she has not only delivered one of the most comprehensive financial layouts but also reinforced the Modi government’s vision for Viksit Bharat, centered on GYAAN (Growth, Youth, Agriculture, and Nation-building).
All bases get well covered in catapulting India on the path of economic advancement. But, was there any sector ignored? The Finance Minister introduced new schemes for farmers, MSMEs, industrial skilling, and more, as she kept four engines of growth in her focus: Agriculture, MSMEs, Investment and Exports. For the first time, even leaders from the Opposition offer a quiet applause.Â
Demands of Indian Toy Manufacturers
Nirmala Sitharaman announced a new scheme for strengthening toy manufacturing in India. The scheme focuses on cluster development, skill upgradation, and the creation of a robust manufacturing ecosystem to establish India as a global hub for toy production.
Historically, India has been heavily reliant on toy imports, particularly from China. In 2023, India imported toys, games, and sports requisites worth approximately $370.35 million from China. With periodic bans on Chinese toys time and again, domestic manufacturing will boost this sector.Â
However, recent policy interventions have led to a significant reduction in these imports. Between the fiscal years 2014-15 and 2022-23, India’s toy imports declined by 52%, while exports increased by 239%, indicating a shift towards self-reliance.
Indian toy manufacturers have expressed specific needs to enhance their competitiveness:
- BIS Certification Simplification: While BIS certification is mandatory, the process itself is cumbersome for many small and medium-sized enterprises. Of 6,000 toy manufacturing units, only around 1,500 have acquired BIS licenses. Simplification of this process may help bring more units within the ambit of BIS compliance and growth.
- Financial Support: Access to affordable financing options to upgrade technology and expand operations.
- Market Access: Assistance in accessing both domestic and international markets through trade fairs and export promotion schemes.
Skilling for YouthÂ
The Finance Minister has announced five national centers of excellence for skilling, which is a landmark measure to prepare young Indians for global opportunities. Partnerships in global skilling are in the pipeline, thus making India a key actor in the manufacturing, technology, and a variety of high-demand sectors. A structured policy would be necessary to lend the undertaking the strength it deserves. It is the most opportune moment for the Government to gather together industry experts, MNCs, and foreign governments for the design of modules, along with the exposure that comes from live assignments. A National Skilling Authority (NSA) can be visualized to oversee and guide these centers. Such five centers can be strategically located in the industrial hubs: technologically strong Bengaluru; Pune, being an automotive one; Chennai, which is into manufacturing; Hyderabad, centered and highly driven on pharma; and Gurugram as services. PM Research Fellowships for 10,000 youth is a commendable step towards fostering research and academic excellence.
FM also announced the establishment of a Makhana Board for Bihar, aiming to bolster the state’s significant makhana (fox nut) industry. Bihar is India’s largest makhana producer, accounting for approximately 90% of the country’s production.Â
Makhana cultivation is predominantly undertaken by the Mallah community, traditionally fishermen, among the most impoverished groups in Bihar.
Makhana cultivation is concentrated in the riverine belts of North Bihar, particularly in the following districts: Darbhanga, Madhubani, Saharsa, Madhepura, Supaul, Purnia Katihar, Araria, Kishanganj and Sitamarhi.
Political Fallout Beyond 2025 Bihar Elections
In addressing the makhana farmers, the government hopes to attract support from the Mallah community, which comprises about 2.6% of the population of Bihar. Their influence is considerable in the riverine belts where makhana farming is prevalent.The Mithilanchal region of Bihar is the prime recipient and in fact, the Finance Minister wore a Mithila saree while presenting the budget. Enhancing the makhana industry could lead to economic upliftment in these regions, potentially translating into electoral support for the ruling party.Â
BJP’s Electoral Performance in Makhana-Producing Regions
In the 2024 Lok Sabha elections, the National Democratic Alliance (NDA), which includes the Bharatiya Janata Party (BJP), secured 31 out of 40 seats in Bihar. The BJP itself won 12 seats.
Focusing on the makhana-producing districts:
- Darbhanga: The BJP won the Darbhanga parliamentary seat.
- Madhubani: The Janata Dal (United) [JD(U)], an NDA ally, secured the Madhubani seat.
- Purnia: The Lok Janshakti Party (Ram Vilas) [LJPRV], another NDA constituent, won in Purnia.
The establishment of the Makhana Board may put the BJP in a commanding position in these key districts through raising the economic issues of facilitators in local farming communities. The tax sops are directed first at about 40 lakh income taxpayers in Delhi, where the BJP finds itself in a fierce battle against the Aam Aadmi Party for the February 5 elections.Â
The 2025 budget embodies a vision and a transformation that is essential for realigning India along the path to becoming a $5 trillion economy and a global powerhouse in skilled workforce exports.
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📌 Summary of Reports from Government Agencies
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