Steps like increasing customs duty on import of toys and making Bureau of Indian Standards (BIS) certification mandatory for imports have helped the toy industry to explore global markets, besides giving a boost to domestic manufacturing.
It has also helped the toy industry to explore opportunities in global markets.
import of toys Custom duty Apart from giving a boost to domestic manufacturing, steps such as making the Bureau of Indian Standards (BIS) certification mandatory for imports and imports have also helped the toy industry to explore global markets. Experts associated with the toy industry have said that these government steps have given a boost to domestic manufacturing. Apart from this, giving importance to domestic characters in recent times has also strengthened the market.
Demand for Made-in-India toys increased
According to experts, the demand for toys based on Indian mythological characters, desi film characters and superheroes like Chhota Bheem is on the rise, as domestic companies break away from the dominance of China and some other countries. Now ‘Made-in-India’ toys have a very clear edge in the domestic market.
Toy Association of India President Ajay Aggarwal said that the manufacturers are increasing their production capacity to meet the growing local and international demand. He said that the import of toys has come down due to increase in customs duty on import of toys and making BIS certification mandatory. According to a data from the Ministry of Commerce and Industry, the import of toys in India was $304 million in 2018-19, but it has come down to $36 million in the financial year 2021-22.
Toys exports also increased
In comparison, the export of domestically made toys has increased from $10.9 in FY 2018-19 to $17.7 in 2021-22. According to the Ministry of Industry, this sector is also now going global, as manufacturers are exploring new markets and increasing exports to the Middle East and African countries.
According to a joint study report by industry body FICCI and KPMG, the Indian toy market is expected to grow to $2 billion by 2024-25. In the year 2019-20 it was at one billion dollars.
Apart from this, let us tell you that the way the bulldozers were campaigned in the Uttar Pradesh elections, it has had a big impact on the small children of the country. This clearly shows that the demand for bulldozer toys has suddenly increased rapidly in the toy market across the country. And to meet this sudden demand, toy manufacturers and traders across the country have actively engaged.
(with language input)