A transformative endeavor by Walmart, the US retail titan, aims to catapult its Indian exports to an astounding $10 billion annually, with Indian toys as the cornerstone of this vision. This detail emerged from a senior government official’s announcement this Thursday.
Sanjiv, Joint Secretary at the Department for Promotion of Industry and Internal Trade (DPIIT), shed light on Walmart’s concerted efforts with over a hundred Indian toy manufacturers, designed to craft a solid export framework for Indian toys. “Walmart has given a target of $10 billion in exports from India and in that they are going to have toy exports as a significant portion,” Sanjiv revealed.
This strategic shift in Walmart’s export dynamics, previously pledged in December 2020 to triple Indian goods exports by 2027, promises a significant uplift for India’s micro, small, and medium enterprises. Focusing on toys signals India’s ascendancy in this sector, transitioning from a historical net importer to a key player.
India’s meteoric rise in toy production and export is a testament to cross-ministerial collaborations and strategic initiatives across diverse sectors like education, tourism, and IT. These efforts have culminated in the National Action Plan for Toys (NAPT), which spans themes like trade enhancement, design innovation, and championing indigenous toys. The plan identified and supported 32 toy clusters nationwide, leading to a drastic 52% plunge in toy imports and a remarkable 239% surge in exports since 2014-15.
An Indian Institute of Management (IIM) Lucknow study, commissioned by the DPIIT, lauds the ‘Made in India Toys’ initiative. The study notes a doubling of manufacturing units and a decline in reliance on imported materials since 2014.
India now stands tall as a leading toy exporter, thanks to strategic integration into the global toy value chain and duty-free access in markets such as the UAE and Australia. The comprehensive NAPT, executed by 14 central ministries and orchestrated by DPIIT, is pivotal to this success.
Government policies, such as escalated customs duties on toy imports and rigorous quality checks, have fortified India’s toy industry. These steps, coupled with the sector’s push towards technological innovation, e-commerce integration, international collaborations, and brand development, position India as a formidable contender against established manufacturing giants like China and Vietnam.
Walmart’s $10 billion export target is not just a number; it represents a significant chapter in the narrative of India’s toy industry, heralding an era of growth and global prominence.
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