Wooden Street Investment: Wooden Street, a big domestic company selling furniture, is going to bring great job opportunities for thousands of youth across the country. The company is about to reach its number of stores across the country beyond 300. About Rs 166 crore will be invested for this. At present, Wooden Street has about 85 stores across the country, which is to be increased to beyond 300.
The company has issued a statement regarding its investment and the number of stores. It is told that he will invest about $ 20 million (Rs 166 crore) in India to increase the number of his stores. The company is going to open its stores (Wooden Street Stores in India) in the second and third tier cities in addition to the big cities of the country so that the company can reach every area of the country.
3,000 people will get employment
The company said that after this investment, more than 3,000 people are expected to get employment across the country. The target has been set to achieve revenue of more than 1500 crores from these 300 stores. The company also plans to increase the number of its warehouses. At present, the company has more than 30 warehouses across the country.
In such a situation, along with the increase in the number of stores, there is a need to increase the number of warehouses as well. The business growth of the company has been very good in the financial year 2021-2022. Giving information about this, Chief Executive Officer Lokendra Singh Ranawat said that the business growth of the company has been very good in the financial year 2021-22. Now after opening 300 stores, the company is expected to make huge profits.
Government is considering PLI scheme in furniture sector
In the year 2020, the Government of India had started the PLI Scheme. Under this scheme, foreign companies get an opportunity to take advantage of the local manufacturing of the indigenous company and earn incentives through it. This benefits both foreign and indigenous companies. In such a situation, the government is contemplating to bring this scheme for growth in the furniture sector.
According to media reports, the government wants to try to increase domestic manufacturing and exports by doing so, so that more and more people in the country get employment. At present, no final decision has been taken on this and only discussions are going on on it. Now the government has come up with the PLI scheme for 14 sectors, which includes the names of many sectors like medicine, textile, vehicles and their parts etc.
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