New Delhi, May 8 (KNN) India's toy exports witnessed a marginal decline in the financial year 2023-24, slipping to USD 152.34 million from USD 153.89 million in the previous fiscal year, according to a report by the economic think tank Global Trade Research Initiative (GTRI).

The report highlights that India's toy exports did not significantly benefit from the mandatory quality control orders (QCO) implemented to boost the domestic industry and ensure safety standards.

Despite the government's efforts to curb substandard toy imports, primarily from China, and strengthen the local toy industry through measures like increasing import duties and implementing the QCO, India's toy exports failed to gain substantial traction.

GTRI Founder Ajay Srivastava acknowledged that while the QCO checked substandard imports from China, it did not translate into higher exports from India.

The report revealed that India's toy exports witnessed a modest increase from USD 129.6 million in FY'2020 to USD 177 million in FY'2022, but declined to USD 152.3 million in FY'2024.

On the other hand, toy imports into India increased from USD 62.37 million in 2022-23 to USD 64.92 million in 2023-24.

Srivastava emphasised the need for a more comprehensive approach to develop India's toy industry.

The report proposes a comprehensive strategy aimed at boosting exports, including developing a robust domestic ecosystem, encouraging global toy brands to manufacture in India, learning from China's experience, localising production of key inputs, investing in research and development, and fostering innovation in toy design and functionality.

Additionally, the report recommends setting up specialised toy manufacturing hubs, modernising traditional Indian toys while preserving their cultural value, supporting small and medium enterprises in digital marketing, promoting Indian toys at international fairs, and inviting international toy manufacturers currently operating in China to consider setting up production facilities in India.

(KNN Bureau)