Domestic toy manufacturers are witnessing a massive surge in sales of products after India recorded a dip in imports from China, following a tweak in rules last year. In January ’21, India had banned the sale of toys that do not meet the requirements laid down by the Bureau of Indian Standards (BIS).
The ban on these products led to a 30% decline in the overall import of toys in India. Toy imports fell from $562.14 million in 2019-20 to $392.92 million in 2021-22. The decline in imports can also be attributed to the rise in basic customs duties on imported toys from 20% to 60%, according to the government website.
The Indian toy industry has emerged tremendously in the global market. It is one of the largest exporters of toys today. According to reports, India’s exports of toys registered a huge growth of 636% in April-August ’22 compared to the same period in 2013.
The toy industry in India has historically been import dependent. Lack of raw material, technology, design capability, etc was responsible for huge imports of toys and its components.
In 2018-19, toys worth $371 million (`2,960 crore) were imported into the country. A large proportion of these toys were unsafe, substandard, counterfeit, and cheap. To address the import of low-quality and hazardous toys and to enhance domestic manufacturing of toys, several strategic interventions were made by the government.
Several promotional initiatives including The India Toy Fair 2021, Toycathon 2021, Toy Business League 2022 were conducted to promote indigenous toys to encourage innovation and new-age design to suit global requirements, according to information from the Ministry of Commerce and Industry.
この記事は Beyond Market の October, 2022 版に掲載されています。
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