Indian Economy News

Toy imports down by 70% and exports up 61% over last three years as Make in India yields positive results for the sector

Toy imports have dropped by 70% in the previous three years. Toy imports to India have decreased from US$ 371 million in FY 2018-19 to US$ 110 million in FY 2021-22, representing a 70.35% decline. Toy imports for HS Code 9503 have dropped even quicker, from US$ 304 million in FY 2018-19 to US$ 36 million in FY 2021-22. Furthermore, exports increased by 61.38% within the same time period. Toy exports climbed by 61.39% for HS Codes 9503, 9504, and 9505, from US$ 202 million in FY 2018-19 to US$ 326 million in FY 2021-22. Toy exports climbed from US$ 109 million in FY 2018-19 to US$ 177 million in FY 2021-22 for HS Code 9503.

Mr. Anil Agrawal, speaking to the media at the 13th Edition of Toy Biz B2B (Business to Business) International Exhibition from 2-5 July 2022 at Pragati Maidan, New Delhi, said that in his address in "Mann ki Baat" in August 2020, Prime Minister Mr. Narendra Modi had given a clarion call on "Rebranding the Indian Toy Story" and emphasised on the availability of right kind of toys for children, using toys as a learning resource, designing toys based  on Indian value system, Indian history, and culture to strengthen domestic designing and position India as a global manufacturing hub for toys.

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