Indian toy exports jump to $326.63 mn in FY22; imports decline by 67%

New Delhi, Dec 22 (KNN) Owing to the several measures taken to promote the indigenous toys, their exports from India has increased from USD 96.17 million in 2014-15 to USD 326.63 million in 2021-2022, informed Union MoS for MSME  Bhanu Pratap Singh Verma in a written reply in Lok Sabha on Thursday.

He stressed that the government has taken several steps to restrict import of sub-standard and unsafe toys and to promote domestic toy industry.

“As a result, the volume of import of toys into the Indian market has shown a consistently decreasing trend,” said the minister.

The import of toys (HSN Codes 9503, 9504, 9505) to India has decreased from USD 332.55 million in 2014-15 to USD 109.72 million in 2021-22 i.e. a decrease of approximately 67%.

Further, export of Toys (HSN Codes 9503, 9504, 9505) from India have increased from USD 96.17 million in 2014-15 to USD 326.63 million in 2021-22, i.e. an increase of approximately 240%.

BIS have granted 1001 licenses to domestic manufacturers and 28 licenses to foreign manufacturers for manufacture of toys with BIS standard Marks. (KNN Bureau)