Indian Toy industry

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✅Indian toy industry's performance in FY 2022-23.

♻️Details :

✅The Indian Toy industry witnessed remarkable growth in FY 2022-23 in comparison to FY 2014-15.

✅Imports declined by 52% and exports rose by 239%.

✅The overall quality of toys available in the domestic market has also improved.

✅These were pointed out in a case study, "Success Story of Made in India Toys" conducted by the Indian Institute of Management (IIM) Lucknow at the behest of the Department for Promotion of Industry and Internal Trade (DPIIT).

✅According to the report, there is a more conducive environment for toy manufacturing in India now.

✅The number of manufacturing units has doubled, dependence on imported inputs has reduced from 33% to 12%, gross sales value has increased by a CAGR of 10% and overall labour productivity has shot up, in a span of six years.

✅The report analyzed that India is also emerging as a top exporting nation due to the country's integration into the global toy value chain, along with zero-duty market access for domestically manufactured toys in countries including UAE and Australia. 

✅In order to compete with the toy hubs of the world China and Vietnam, the report suggested that consistent collaborative efforts of the toy industry and the Government are essential for advancements in technology, embracing e-commerce, encouraging partnerships and exports, investing in brand-building, engaging with educators and parents to communicate with children, valuing cultural diversity and collaborating with regional artisans, etc.

♻️Some of the steps taken by the government to aid the industry are :

✅Basic Customs Duty (BCD) on toys was increased from 20% to 60% in February 2020, and subsequently to 70% in March 2023.

✅The Directorate General of Foreign Trade (DGFT) has mandated sample testing of each import consignment to curb the import of sub-standard toys.

✅A Quality Control Order (QCO) for Toys was issued with effect from 2021.

✅Provision of licences to manufacture toys domestically has been expedited.

✅Cluster-based approach adopted to support domestic toy industry. 

✅Steps to promote indigenous toys.


#️⃣Tag:   #GS3  #Economy  #Toy  #Pre

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