Indian Toy Industry Booms: Imports down by 52%; Exports Surge 239% During Last 10 Yrs: IIM-L Study

ENA Sectors 2024-01-05 13:46:59 New Delhi, Jan 5 (KNN) The Indian Toy industry experienced significant growth compared to FY 2014-15 in FY 2022-23. Imports decreased by 52 per cent, while exports saw an impressive rise of 239 per cent. Additionally, there was an overall enhancement in the quality of domestically available toys. These findings are part of a case study titled Success Story of Made in India Toys, conducted by the Indian Institute of Management (IIM) Lucknow. The study was commissioned by the Department for Promotion of Industry and Internal Trade (DPIIT). The report emphasises that Government initiatives have successfully fostered a more favourable manufacturing environment for the Indian Toy industry. Over the six years from 2014 to 2020, these concerted efforts resulted in a doubling of manufacturing units. A notable decrease in reliance on imported inputs from 33 per cent to 12 per cent, a Compound Annual Growth Rate (CAGR) of 10 per cent in gross sales value and an overall boost in labour productivity are witnessed. The report observes India's ascent as a prominent exporting nation, attributing it to the nation's integration into the global toy value chain. This is further facilitated by zero-duty market access for domestically manufactured toys in countries such as the UAE and Australia. To establish India as a credible alternative to existing toy manufacturing hubs like China and Vietnam, the report underscores the crucial need for sustained collaborative efforts between the Toy industry and the Government. Key areas of focus include advancing technology, embracing e-commerce, fostering partnerships and exports, investing in brand-building, engaging with educators and parents for effective communication with children, appreciating cultural diversity, and collaborating with regional artisans. Rajesh Kumar Singh, Secretary, DPIIT stated Domestic toy manufacturing is strengthening, exports are increasing, and imports are coming down, reported ET. Singh mentioned that the government is employing elevated customs duties in the toy sector to offer protection for a specified duration. When asked about reducing customs duties, Singh mentioned that it would depend on how well the toy sector performs in the future. (KNN Bureau) 36157 https://knnindia.co.in/news/newsdetails/sectors/indian-toy-industry-booms-imports-down-by-52-exports-surge-239-during-last-10-yrs-iim-l-study 2024-01-05 13:46:59 knnindia.co.in Indian Toy Industry Booms: Imports down by 52%; Exports Surge 239% During Last 10 Yrs: IIM-L Study