Report proposes a comprehensive strategy aimed at developing India’s toy industry and boosting exports.
Key highlights of report:
- India's toy imports decreased from US$ 304.1 million (FY2019) to US$ 64.9 million (FY2024).
- Share of imports from China dropped from 87% in FY2019 to 64% in FY2024.
- Imports increased from ASEAN countries, Sri Lanka, and Czech Republic.
- Exports decreased from US$ 177 million in FY2022 to US$ 152.3 million in 2024.
- India represents only 0.3% of the global toy exports.
Measures taken to promote local toy industry:
- Import duty increase: Basic Custom Duty (BCD) was increased to 70% in 2021, creating competitive advantage for local industry.
- Quality Control Order (QCO): Mandatory compliance with specific Indian Standards for safety.
- Scheme of Funds for the Regeneration of Traditional Industries (SFURTI) to support Toy clusters.
- National Action Plan for Toys (NAPT) having 21 specific action points.
Proposed strategy to boost exports:
- Invest in R&D, create specialized toy manufacturing hubs, and modernize traditional Indian toys.
- Encourage Global Toy Brands to Manufacture in India.
- Adopt best practices to produce low-cost and high-quality toys.
- Localize Production of key inputs like imitation stones, plastics, electric motors etc.