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52% drop in toy imports in 8 years, 239% jump in exports: Commerce Ministry
The Indian toy industry witnessed remarkable growth in FY2022-23 in comparison to FY2014-15, with a decline in imports by 52 per cent, and a rise in exports by 239 per cent, said the Ministry of Commerce and Industry on Thursday.
These observations were noted in a case study on "Success Story of Made in India Toys", which was conducted by the Indian Institute of Management (IIM) Lucknow at the behest of Department for Promotion of Industry and Internal Trade (DPIIT).
According to the report, the efforts of the government have enabled the creation of a more conducive manufacturing ecosystem for the Indian toy industry.
The report further highlighted that in a span of six years, from 2014 to 2020, these dedicated efforts have led to the doubling of the number of manufacturing units, a reduction in dependence on imported inputs from 33 per cent to 12 per cent, increase in gross sales value by a compound annual growth rate (CAGR) of 10 per cent, and overall rise in labour productivity.
India emerging as a top toy exporting nation
The report analysed 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 UAE and Australia.
The report further 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, etc.