India Toy Industry: In many countries of the world, toy business is used to generate employment and capital on a large scale. A few years ago, the situation in India was such that most of the demand for toy business was met by toys coming from China, but now the situation has changed. Working on the concept of self-reliant India, India has achieved rapid growth rate in the toy business.
India's toy exports increased by 239 percent
Between financial year 2015 and financial year 2023, the export of toys in India has increased very rapidly. During this period, while India's toy exports have increased by 239 percent, there has been a decline of 52 percent in imports. As a result, India has achieved the status of net exporter in the toy industry.
India took tough decisions whose effect was visible
India has made Bureau of Indian Standards (BIS) approval mandatory for selling toys in India and increased the basic custom duty to 70 percent, only after which it helped a lot in increasing the sales of toys and toy items made in India. . Big players in the industry like Hasbro, Mattel, Spin Master and Early Learning Center now had to increase their dependence on toys from India for their toys. Big manufacturers Dream Plast, Microplast and Incas have shifted their focus from China to India, which has resulted in a growing market for Indian toys.
Country becomes giant in toy export
If we look at India's dependence on toys before BIS regulation, more than 80 percent of it was based on China. However, now the situation is such that more than 60 percent of the country's toy production is going to meet the export needs. This includes 33 categories of GCC in which demand is also coming from Europe and America. Soon this limit will reach 40 countries and support like BIS policy of the government can also be considered a factor behind this.
Some important facts of toy industry
The size of India's toy industry was $1.7 billion in the year 2023, which is expected to increase to $4.4 billion by 2032.
From 2014 to 2022-23, India's toy exports have increased by 239 percent and imports have fallen by 52 percent.
From January 1, 2021, India has banned the sale of toys that are not BIS certified.
Custom duty on import of toys has been increased to 70 percent in March 2023.
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