India’s toy exports reach INR 1,017 cr during Apr-Dec in FY23

February 13, 2023

India’s toy exports reached INR 1,017 crore during the April-December period of FY23, according to a government report. In FY22, their exports amounted to INR 2,601 crore.

Commerce and Industry Minister Piyush Goyal further announced that toy exports increased more than six times during the April-December period in 2022 compared to the same period in 2013, which was INR 167 crore.

The government is making efforts to encourage domestic toy manufacturing and exports while reducing imports from countries such as China. In 2018-19, toys worth INR 2,960 crore were imported into India, but with the “vocal for local” initiative, the government has taken steps to promote domestically manufactured toys. As a result, the overall import of toys in India decreased by 70% to INR 870 crore in 2021-22.

To discourage imports, the import duty on toys was raised from 20% to 60% in February 2020 and later increased to 70% this year. The government is also implementing a Product Linked Incentive for toys, as a further contributory measure.

Source: Business Standard

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