52% drop in toy imports in 8 years, 239% jump in exports: Commerce Ministry
The Indian toy industry has experienced notable growth in 2022-23 compared to 2014-15, with a remarkable 239% increase in exports and a substantial 52% decline in imports, as the Ministry of Commerce and Industry reported. The findings were part of a case study titled "Success Story of Made in India Toys" conducted by the Indian Institute of Management (IIM) Lucknow at the request of the Department for Promotion of Industry and Internal Trade (DPIIT).
The study credits government initiatives for fostering a more favorable manufacturing ecosystem, resulting in a doubling of manufacturing units over six years (2014-2020), a reduction in reliance on imported inputs from 33% to 12%, a 10% CAGR in gross sales value, and an overall boost in labor productivity.
India is identified as a rising toy exporting nation, attributed to its integration into the global toy value chain and zero-duty market access for domestically manufactured toys in key countries such as the UAE and Australia. The report emphasizes the need for sustained collaborative efforts between the toy industry and the government to position India as a credible alternative to established toy hubs like China and Vietnam. This involves technological advancements, embracing e-commerce, fostering partnerships and exports, brand-building, engaging with educators and parents, appreciating cultural diversity, and collaborating with regional artisans.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.