India’s Toy imports Drop, Exports Surge, Shows Promising Self-Reliance

The Atma-Nirbhar vision of India is gaining momentum. This can be seen with the drop in the toy imports and surge in exports. As per Import Export Data, top imports of the country were down by 70% and exports are up by 61% over the last three years.

The country’s toy sector has benefitted from the government’s Make in India initiative. Toy imports are down by 70% and exports are up by 61% over the last three years. Also, the Prime Minister of India gave a clarion call on rebranding the Indian toy story and stressed on the availability of the right kind of toys for children. The Make-In-India impact of the government has yielded positive results for the toy sector.

As per the India Import Data the HS codes 9503, 9504 and 9505, the value of the imports of toys fell from $371 million in the financial year 2018 to 2019 to $ 110 million in the financial year 2021 to 2022, showing a decline of 70.35%. For HS code 9503, toy imports have decreased even faster, from $304 million in the financial year 2018-19 to $36 million in the Financial year 2021-22 for HS code 9503 as per the data released by the Ministry of commerce and industry.

As per India Export Data, the exports have jumped by 61.38% over the same period. For HS codes 9503, 9504 and 9505 the export of toys has increased from $202 million in FY 2018-19 to $326 million in FY 2021-22 up by 61.39% for HS code 9503, exports of toys have increased from $109 million in FY 2018-19 to $177 million in FY 2021-22.

The toy industry has benefitted by interventions taken by the government and the results show the success in the Self-reliance –Make in India programme. The imports were mainly restricted to some components of toys.

The interventions taken by the government to promote Make in India toy sector include bringing it under the compulsory Bureau of Indian Standards certification, quality testing and an increase in customs duty.

As per the quality control order- QCO, every toy shall confirm to the requirements of relevant Indian standard and bear the standard mark under a license from BIS as per scheme I of BIS regulations, 2018.

The QCO is available to both the domestic manufacturers as well as foreign manufacturers who intend to export their toys to India.

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