Indian Economy News

Government creates conducive manufacturing ecosystem for toy industry

The Indian Government is bolstering the toy manufacturing ecosystem through various measures such as promoting indigenous production, quality control, and export facilitation. Notable initiatives include increased customs duties, mandatory quality certification, and special provisions for micro-scale units. Additionally, the Government has implemented a National Action Plan for Toys in collaboration with various ministries to stimulate local manufacturing and trade. Furthermore, recent Free Trade Agreements (FTAs) with countries like the UAE and Australia offer zero-duty access for Indian toy exports. These efforts have resulted in a significant decline in toy imports and a notable increase in exports, fostering growth and competitiveness in the Indian toy industry.

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