Govt has created more conducive manufacturing ecosystem for toy industry
The Indian Toy industry witnessed remarkable growth in FY 2022-23 with rise in exports by 239% and development of overall quality of the Toys available in the domestic market.
Import of toys declined by 52% in 2022-23 compared to 2014-15, the Commerce and Industry Ministry said on 4 Jan 2024.
These observations have been noted in a Case Study on “Success Story of Made in India Toys” by the Indian Institute of Management (IIM) Lucknow at the request of Department for Promotion of Industry and Internal Trade (DPIIT).
The report states that the efforts of the Government have enabled in creation of a more conducive manufacturing ecosystem for the Indian Toy industry.
It highlighted that in a span of 6 years, from 2014 to 2020, these dedicated efforts have led to the doubling of the number of manufacturing units, reduction in dependence on imported inputs from 33% to 12%, increase in gross sales value by a CAGR of 10%, and overall rise in labour productivity.
The report analyzed that India is also emerging as a top exporting nation due to the country’s integration into the global toy value chain, along with zero-duty market access for domestically manufactured toys in countries including the UAE and Australia.
The report stated that in order to position India as a viable alternative to current toy hubs of the world, i.e., China and Vietnam, consistent collaborative efforts of the Toy industry and the Government are essential for advancements in technology, embracing e-commerce, encouraging partnerships and exports, investing in brand-building, engaging with educators and parents to communicate with children, valuing cultural diversity and collaborating with regional artisans among others. Fiinews.com