Indian toy industry shows robust growth as exports surge
The Indian toy industry has shown tremendous growth and in the last 10 years or so, toy exports have reached $523.24 million, overtaking imports at $517.71 million amid several conducive government initiatives.
IANS
Aug 18, 2024 02:59
0
New Delhi, Aug 18 (IANS) The Indian toy industry has shown tremendous growth and in the last 10 years or so, toy exports have reached $523.24 million, overtaking imports at $517.71 million amid several conducive government initiatives.
A few years back, the ‘Made in China’ toys were ruling the Indian market but not anymore, according to industry data.
In the financial year 2011-12, India imported toys worth $422.79 million while exporting less than half of the reported figure.
The domestic toy industry has expanded its presence to more than 100 countries including the US, the UK, Germany, the Netherlands, Denmark and even China.
The next step for the toy manufacturers is to reach international consumers through the effective use of online mediums, according to the government.
Senior officials from the Department for Promotion of Industry and Internal Trade (DPIIT) say that the success of the Indian toy industry reflects in the enhanced exports, increasing robustness of the manufacturing ecosystem and reduced import dependence.
As part of its strong commitment to create a better ecosystem for the toy industry, the government has identified the sector as one of the champion sectors, with a long-term vision to create a global market for ‘Made in India’ toys.
The government initiatives like mandatory quality norms, increase in customs duty and a National Action Plan on Toys (NAPT) have helped in the manufacture of high-quality products, which have garnered appreciation at the global platform.
Indian exports of toys, games and sports articles between 2014-15 to 2022-23 increased by 239 per cent whereas the imports fell by 52 per cent, according to industry estimates.
The current market size of the Indian toy industry is $1.7 billion, and expected to reach $4 billion by 2032 with a 10.5 per cent annual growth rate.
The domestic toy exporters say that buyers from countries such as the US, the UK, South Africa and Germany have showed interest in their products.
—IANS
na/
