Secretary at the Department of Promotion of Industry and Internal Trade (DPIIT), Rajesh Kumar Singh, has stated that there is immense scope for growth and exports from the domestic toys manufacturing sector.
Singh mentioned that the government is considering a proposal to extend fiscal incentives under the Production Linked Incentive (PLI) scheme for the sector.
He pointed out that government measures like mandatory Quality Control Orders (QCOs) and an increase in customs duty have aided the growth in exports of toys from India, emphasising the need to do much more for the sector.
Additionally, he assured the industry that the proposed policy intervention is being worked upon by the government.
In this year's interim Budget, the Ministry of Commerce and Industry recommended an outlay of ₹3,489 crore for the Production Linked Incentive (PLI) scheme for the toys manufacturing sector. While the scheme awaited approval from the Union Cabinet, the interim budget provided for token provisions for FY 2024-25.
The scheme aims to attract investments in cutting-edge technology to bring efficiency, economies of scale, and size in the manufacturing sector, making Indian companies and manufacturers globally competitive.
India's toy exports have risen to $325.72 million in FY 2022-23 from $96.17 million in FY 2014-15. Meanwhile, imports of toys have decreased by 52%, from $332.55 million in FY 2014-15 to $158.7 million in FY 2022-23.
To encourage the manufacturing of toys in India, the government has formulated a comprehensive National Action Plan for Toys (NAPT) to promote quality, improve design, use as a learning resource, and encourage indigenous toy clusters.
In February 2020, India raised import duties on toys from 20% to 60%, subsequently increasing to 70% in July 2021.
Singh mentioned that the government is considering a proposal to extend fiscal incentives under the Production Linked Incentive (PLI) scheme for the sector.
He pointed out that government measures like mandatory Quality Control Orders (QCOs) and an increase in customs duty have aided the growth in exports of toys from India, emphasising the need to do much more for the sector.
Additionally, he assured the industry that the proposed policy intervention is being worked upon by the government.
In this year's interim Budget, the Ministry of Commerce and Industry recommended an outlay of ₹3,489 crore for the Production Linked Incentive (PLI) scheme for the toys manufacturing sector. While the scheme awaited approval from the Union Cabinet, the interim budget provided for token provisions for FY 2024-25.
The scheme aims to attract investments in cutting-edge technology to bring efficiency, economies of scale, and size in the manufacturing sector, making Indian companies and manufacturers globally competitive.
India's toy exports have risen to $325.72 million in FY 2022-23 from $96.17 million in FY 2014-15. Meanwhile, imports of toys have decreased by 52%, from $332.55 million in FY 2014-15 to $158.7 million in FY 2022-23.
To encourage the manufacturing of toys in India, the government has formulated a comprehensive National Action Plan for Toys (NAPT) to promote quality, improve design, use as a learning resource, and encourage indigenous toy clusters.
In February 2020, India raised import duties on toys from 20% to 60%, subsequently increasing to 70% in July 2021.
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