New Delhi [India], September 24 (ANI): The value of exports of toys from India surged by 636 per cent in April-August 2022 when compared with the corresponding period of 2013 helped by Make-in-India initiative of Prime Minister Narendra Modi government, the Ministry of Commerce and Industry said on Saturday.
The Toy Industry in India has historically been import-dependent. Lack of raw-material, technology, design capability etc. led to huge imports of toys and its components. In 2018-19, toys worth $371 million (Rs 2960 crore) were imported into our country. A large proportion of these toys were unsafe, substandard, counterfeit, and cheap, the ministry said in a statement.
To address the import of low-quality and hazardous toys and to enhance domestic manufacturing of toys, several strategic interventions have been taken by the government, it said.
Some key initiatives include increase of Basic Custom Duty from 20 per cent to 60 per cent, implementation of Quality Control Order, mandatory sample testing of imported toys, granting more than 850 BIS licenses to domestic toy manufacturers, development of toy clusters etc.
Several promotional initiatives including The India Toy Fair 2021, Toycathon 2021, Toy Business League 2022 were conducted to promote indigenous toys to encourage innovation and new-age design to suit global requirements.
Complimented by sincere efforts of domestic toy manufacturers, the growth of Indian Toy industry has been remarkable in less than 2 years despite COVID-19 pandemic.
The import of toys in FY21-22 have reduced by 70 per cent to $110 million (Rs 877.8 crore). There has also been a distinct improvement in quality of toys in domestic market. Simultaneously, the efforts of the industry have led to an export of $326 million (Rs 2601.5 crore) of toys in FY21-22, which is an increase of over 61 per cent over $202 million (Rs 1612 crore) of FY18-19.
India's export of toys registered tremendous growth of 636 per cent in April-August 2022 over the same period in 2013.
There are several trends that mark a shift in Indian manufacturing, which include an increase in domestic value additionlocal sourcing, a greater focus on RD, innovation and sustainability measures.
The Make in India initiative has been striving to ensure that the business ecosystem in the nation is conducive for investors doing business in India and contributing to growth and development of the Nation. This has been done through a range of reforms that has led to increased investment inflows as well as economic growth.
With this initiative at the forefront, the businesses in India are aiming that the products that are 'Made in India' are also 'Made for the World,' adhering to global standards of quality, the Ministry of Commerce and Industry said. (ANI)