Toys manufacturing MSMEs: MSME Minister Narayan Rane hailing the toy sector’s performance over the past nine years said toy imports have witnessed a decline of 52 per cent while exports have jumped sixfold. The minister shared a post of Invest India, the National Investment Promotion and Facilitation Agency, on X (previously Twitter).
“With a remarkable 52% reduction in toy imports over the last 9 years and a sixfold increase in toy exports, India strides boldly towards Hon’ble PM Shri @narendramodi Ji’s dream of a self-reliant nation. Guided by an unwavering vision of progress, 9600+ registered MSME units are actively reshaping our country into a vibrant toy production hub,” Rane posted.
According to the data from the Ministry of Commerce and Industry, the import of toys declined from $257.65 million in the financial year 2013-14 to $62.39 million in the financial Year 2022-23, registering a 75 per cent drop. On the other hand, exports increased from $36.91 million in 2013-14 to $153.88 million in 2022-23.
Earlier in February this year, Customs authorities tightened the procedures for import of toys to ensure compliance with the quality norms of the Bureau of Indian Standards (BIS). The move was part of a series of measures taken by the government to control the import of cheap and sub-standard toys from countries like China and promote domestic manufacturing of these items. Similarly, the import duty on toys was increased from 60 per cent to 70 per cent in the budget 2023-24 by the government.
Last month. Toy manufacturers requested the government to provide relief in the Good and Services Tax that is applicable to the sector and early roll-out of the Production Linked Incentive scheme as it gets ready for the next phase of growth offered by the enabling environment created in the last few years.