New Delhi: A number of measures like ensuring zero-duty market access for domestically manufactured toys in countries like the UAE and Australia and integration of the Indian toys industry into the global value chain have helped boost the export of toys from India, DPIIT Secretary Rajesh Kumar Singh said on Thursday.
India's toys exports surged by 239 per cent to $326 million in 2022-23 from $96 million recorded in 2014-15. During this period the country's import of toys declined by 52 per cent. It dipped from $332 million in 2014-15 to $159 million in 2022-23.
The country has become a net exporter of toys and targets to become a viable alternative to China and Vietnam that dominate the global toys business.
India’s toy imports from China dipped from $235 million in 2019-20 to $39 million in 2022-23. In 2019-20 China accounted for 84 per cent of total toy imports in India. China’s share in India’s total toy imports declined to 62 per cent in 2022-23, as per a report released by the Indian Institute of Management (IIM) Lucknow.
Favourable tax regimes have also played a significant role in boosting toys manufacturing in the country. In order to support the domestic toys industry, the government increased basic customs duty on toys from 20 per cent to 60 per cent in February 2020. This was hiked further to 70 per cent in March 2023.
The report noted that the number of toys manufacturing units in India doubled in a span of six years from 2014 to 2020. During this period, Indian manufacturers’ dependence on imported inputs declined from 33 per cent to 12 per cent.
Published 04 January 2024, 19:10 IST