The Indian government has unveiled a new initiative under the FY25 Budget to position India as a global hub for toy manufacturing. The scheme, unveiled by Finance Minister Nirmala Sitharaman on Saturday, will focus on cluster development, skill enhancement, and a robust manufacturing ecosystem to produce high-quality, innovative, and sustainable toys under the ‘Made in India’ brand.
“Building on the National Action Plan for Toys, we will implement a scheme to make India a global hub for toys,” Sitharaman stated during her budget speech.
India’s toy exports declined from $177 million in 2021-22 to $152 million in 2023-24, primarily due to a global slowdown in demand. However, the government’s measures, including mandatory quality norms and higher customs duties, have bolstered domestic manufacturing while reducing reliance on Chinese imports.
For years, India’s toy industry faced challenges in global trade, remaining a net importer. China accounted for approximately 76% of India’s toy imports for over a decade. However, strategic interventions have significantly altered the landscape.
India’s toy imports from China fell from $214 million in FY13 to $41.6 million in FY24. This decline also reduced China’s share in India’s toy imports from 94% in FY13 to 64% in FY24, highlighting India’s growing competitiveness in the global market.
The new scheme aims to further strengthen India’s toy industry by fostering domestic production capabilities, ensuring compliance with international quality standards, and promoting exports. By enhancing self-reliance and innovation, the initiative is expected to create new opportunities for Indian manufacturers and contribute to the country’s economic growth.
IMEX SECTOR | Brexit Border Delays May Have Exposed UK to Diseased Meat Imports
