New Delhi, Aug 9: The government on Friday said India’s toy exports dipped from USD 177 million in 2021-22 to USD 152 million in 2023-24 due to overall decline in the global demand of these products.
In a written reply to the Rajya Sabha, Minister of State for Commerce and Industry Jitin Prasada said that India’s key export markets including the USA, UK and Germany have also registered decline in toys imports by 16-20 per cent.
“The decline in India’s exports of toys from USD 177 million in 2021-22 to USD 152 million in 2023-24 is due to overall decline in global demand of toys,” he said.
He added that the various initiatives of the government together with the endeavours of the domestic manufacturers have resulted in remarkable growth of the Indian toy industry.
The imports have declined by 76 per cent from USD 276 million in 2014-15 to USD 65 million in 2023-24.
“However, on account of international headwinds, geo-political tension, red sea crisis and overall decline in global demand of toys, the exports have declined marginally in 2023-24 as compared to 2022-23 from USD 153.89 million to USD 152.34 million,” Prasada said.
The government’s steps such as mandatory quality norms and increase in customs duties have significantly helped the domestic toy players to reduce dependence on Chinese imports.
The measures taken by the government for the toy industry include the formulation of a comprehensive National Action Plan for Toys with 21 specific action points, an increase in basic customs duty on toys, sample testing of each import consignment to curb sub-standard imports, issuance of a Quality Control Order for toys, and support through cluster-based approaches. (PTI)
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