New Delhi: "The import of toys is down by 70% in the last three years," Department for Promotion of Industry and Internal Trade (DPIIT) Additional Secretary Anil Agrawal said on Tuesday. At the same time, the export of toys has increased from USD 202 Mn in FY 2018-19 to USD 326 Mn in FY 2021-22, up by 61.39 percent, he added.
The import of toys to India has reduced from USD 371 million in FY 2018-19 to USD 110 Mn in FY 2021-22 registering a dip of 70.35 percent. Additionally, the exports have jumped by 61.38% over the same period, Agrawal said while interacting with media at the Toy Fair in Pragati Maidan.
Agrawal suggested the domestic toy industry to work on big ideas, and capacity building to further push manufacturing and exports from the country. He said the government's initiatives like increasing import duty, and issuance of quality control order has helped in cutting imports and promoting manufacturing, and now industry has to "think on big ideas".
"Their revenues have grown, but to become a unicorn (companies having valuation of over USD 1 billion), the industry has to reach to another level. They need to bring professionalism in their management besides capacity building," Agarwal added.
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The fair was organised after a gap of three years due to COVID. As many as 96 stalls were there showcasing made in India toys. Basic Customs Duty (BCD) on toys was increased from 20 per cent to 60 per cent in February, 2020 to promote local manufacturing.
The government issued Toys (Quality Control) Order, 2020 in February 2020. Under this, toys have to conform to the requirements of relevant Indian standards and bear the standard mark under a licence. It is applicable to both domestic as well as foreign manufacturers who intend to export their toys to India.
Manu Gupta, promotor of Playgro Toys India, said the government's initiatives are helping the industry and pushing manufacturing and cutting down imports. We need some more government support so that the industry reaches to next level and generate jobs and boost exports," he said, adding that the global toy industry is about USD 120 billion and India's share is low.
National Toy Policy and Production Linked Incentive scheme would help in promoting the growth of the sector by pushing the scale, Gupta added. Soft toys maker Jasco Handicrafts' Director Yashwinder S Kohli said they are getting good orders from Middle Eastern countries. "Government's efforts are helping us in a big way. My revenues have increased at a healthy pace and I have increased manufacturing also," he added. (with Agency inputs)
