Indian Economy News

Export of toys increases to US$ 326.63 million in 2021-22 from US$ 96.17 million in 2014-15

The Government of India has taken various steps to promote the domestic toy industry and to restrict the import of sub-standard and unsafe toys. The result of this can be seen in the volume of import of toys being decreased.

The import of toys of Harmonized System of Nomenclature (HSN) codes 9503, 9504, and 9505 has decreased by 67% from US$ 332.55 million in 2014-15 to US$ 109.72 million in 2021-22. On the other hand, the export of toys of HSN codes 9503, 9504, and 9505 have increased by approximately 240% from US$ 96.17 million in 2014-15 to US$ 326.63 million in 2021-22.

The steps taken by the government to promote indigenous toys include formulation of a comprehensive National Action Plan for toys, increment of Basic Customs Duty (BCD) on toys by 60%, issue of a quality control order for toys, sampling test of each import consignment, etc.

For the promotion of the toy industry, the Ministry of Medium Small Micro Enterprises (MSME) is also implementing various schemes for providing credit support for new enterprise creation, technology upgradation, and skill and infrastructure development.

A total of 19 toy clusters have been approved under the Scheme of Funds for Regeneration of Traditional Industries (SFURTI), benefitting 11,749 artisans with an outlay of around US$ 6.7 million (Rs. 55.65 crores).

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.