February 26, 2021
Home  »  Website  »  Business  »  Union Budget 2021: Discussion On Integrated Policy For Toy Sector On The Cards

Union Budget 2021: Discussion On Integrated Policy For Toy Sector On The Cards

About 85 per cent of toys are imported in the country, with the maximum coming from China. It is followed by Sri Lanka, Malaysia, Germany, Hong Kong and the US.

Google + Linkedin Whatsapp
Follow Outlook India On News
Union Budget 2021: Discussion On Integrated Policy For Toy Sector On The Cards
Representational Image
Pixabay
Union Budget 2021: Discussion On Integrated Policy For Toy Sector On The Cards
outlookindia.com
2021-01-24T13:14:54+05:30

The government is expected to announce the development of a dedicated economic policy for the toy sector to bolster domestic manufacturing in next week's Budget session, according to sources. 

A comprehensive and targeted policy will be instrumental in creating a lucrative ecosystem within the country.

The toys industry in India is primarily in the unorganised sector, comprising about 4,000 small and medium enterprises.

About 85 per cent of toys are imported in the country, with the maximum coming from China. It is followed by Sri Lanka, Malaysia, Germany, Hong Kong and the US.

The commerce and industry ministry is already taking steps to promote domestic manufacturing of toys. It has come out with a quality control order for the sector and had also increased import duty last year on toys.

A quality control order is one of the ways to stop the flow of cheap sub-standard toys into the domestic market.

A source said that the country has a low share in the international toys industry and India's exports account for less than 0.5 per cent of global demand, so there are immense opportunities in this segment.

The other areas which could be considered for the sector include promotion of research and development and design centres for toys.

"Boosting manufacturing would also help increase exports of toys from India. Countries like China and Vietnam are major players in the sector," they added.

India's toy exports are limited to about USD 100 million.

Prime Minister Narendra Modi had said that India has talent and ability to become a toy hub for the entire world and called upon startups to work towards realising this potential while being "vocal about local toys". 

With PTI Inputs


For in-depth, objective and more importantly balanced journalism, Click here to subscribe to Outlook Magazine
Next Story >>
Google + Linkedin Whatsapp

The Latest Issue

Outlook Videos