Big Win For Make In India: Toy Imports Down By 71 Per Cent To $116 Million, Exports Up 61 Per Cent To $326 Million In Last Three Years
In a big boost for the government's 'Make in India' initiative, the import of toys has gone down by 71 per cent while the export has shot up by 61 per cent over the last three years.
For HS Codes 9503, 9504, and 9505, the import of toys to India has reduced from USD 371 Mn in FY 2018-19 to USD 110Mn in FY 2021-22 thus showing a decrease of 70.35 percent.
The imports of toys under HS codes 9503 (tricycles, scooters, pedal cars and similar wheeled toys; dolls' carriages, dolls, puzzles etc), 9504 (video game consoles and machines, articles for funfair, table or parlour games etc), and 9505 (festive, carnival or other entertainment articles, including conjuring tricks and novelty jokes) have reduced from $371 million in FY 2018-19 to $110 million in FY 2021-22, showing a decrease of 70.35 percent.
Meanwhile, the exports of the aforementioned toys have increased from $202 million in FY 2018-19 to $326 million in FY 2021-22, up by 61.39 percent, a Commerce Ministry release said on Tuesday (5 July).
Speaking to media during the thirteenth Edition of Toy Biz B2B (Business to Business) International Exhibition from 2-5 July 2022 at Pragati Maidan, New Delhi, DPIIT additional secretary Anil Agrawal said that in his address in “Mann ki Baat” in August 2020, Prime Minister Narendra Modi had given a clarion call on “Rebranding the Indian Toy Story” and emphasized on the availability of right kind of toys for children, using toys as a learning resource, designing of toys based on Indian value system, Indian history, and culture to strengthen domestic designing and position India as a global manufacturing hub for toys.
He said the industry had benefitted from a number of interventions by the government and results show the success of Make in India programme. He added that the imports were mainly restricted to some components of the toys.
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