A view of the toy store.
| Photograph Credit score: Okay. Bhagya Prakash
The federal government’s steps corresponding to necessary high quality norms and enhance in customs duties have considerably helped the home toy gamers to spice up exports and scale back dependence on Chinese language imports, Financial Survey stated on July 22.
It stated that India’s emergence as a toy exporting nation can be attributed to its integration into the worldwide worth chain and zero-duty market entry for domestically manufactured toys in crucial international locations such because the UAE and Australia.
Economic Survey 2023-24 LIVE updates
The {industry} has lengthy confronted challenges within the international commerce panorama, persistently being a web importer of toys for a few years.
“Rising exports, coupled with declining imports, reworked India from a deficit to a surplus nation within the commerce of toys,” it stated.
For over a decade, India was closely relied on China for round 76 per cent of its toy imports.
“India’s import invoice for toys from China dropped from USD 214 million in FY’13 to USD 41.6 million in FY’24, resulting in a decline in China’s share in India’s toy imports from 94 per cent in FY’13 to 64 per cent in FY’24, indicating India’s competitiveness within the worldwide toy market,” the Survey stated.
Throughout the interval from 2014 to 2020, targeted efforts by the federal government additionally resulted within the variety of manufacturing models doubling.
The measures taken by the federal government for the toy {industry} embrace the formulation of a complete Nationwide Motion Plan for Toys with 21 particular motion factors, a rise in primary customs responsibility on toys, pattern testing of every import consignment to curb sub-standard imports, issuance of a High quality Management Order for toys, and help by means of cluster-based approaches.
The federal government is contemplating a manufacturing linked incentive (PLI) scheme for the sector to additional enhance the home manufacturing.
Toy Affiliation of India senior vice-president and CEO of Noida-based Little Genius Toys Pvt Ltd Naresh Kumar Gautam stated that the nation’s exports from the sector will additional develop within the coming years.
The Survey additionally stated that India has transitioned from an arms importer and located a spot within the record of the highest 25 arms exporter nations.
The defence {industry}, together with the personal sector and Defence Public Sector Undertakings (DPSUs), has made efforts to realize the highest-ever defence exports.
There was an increase within the variety of export authorisations issued to defence exporters. From 1,414 export authorisations in FY23, the quantity has elevated to 1,507 in FY24.
About 100 home corporations are exporting a variety of defence merchandise and tools corresponding to plane like Dornier-228, artillery weapons, Brahmos missiles, PINAKA rockets and launchers, radars, simulators, and armoured automobiles.
To offer a push to defence exports, the federal government has taken a number of coverage initiatives over the previous ten years.
Export procedures have been simplified and made industry-friendly, with end-to-end on-line export authorisation curbing delays and facilitating ease of doing enterprise, the newest Financial Survey stated.
On smartphones, it stated that India’s home manufacturing and exports of smartphones have been growing steadily, with vital adjustments achieved, particularly for the reason that launch of the PLI scheme in 2020.
India additionally turned the world’s sixth-largest smartphone exporter in 2022, from twenty third in 2014.
These exports rose by 42 per cent to USD 15.6 billion in 2023-24.
