 "India's toy exports touch Rs 1,017 cr during Apr-Dec in FY23: Govt data")
The country's toy exports have touched Rs 1,017 crore during April-December period this fiscal, according to the government data.
In 2021-22, the exports stood at Rs 2,601 crore.
"Made in India toys continue to tap global markets! India's toy exports rose to more than 6 times in April-December 2022 as compared to the same period in 2013," commerce and industry minister Piyush Goyal said in a tweet.
During April-December 2013-14, the shipments were at Rs 167 crore.
The government is taking steps to promote domestic manufacturing and exports of toys from the country and reduce imports from countries like China, which are of low quality.
In 2018-19, toys worth Rs 2,960 crore were imported into India. With the philosophy of 'vocal for local', the government took several steps to promote indigenous toys designed on Indian culture and history.
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The overall import of toys in India reduced by 70 per cent to Rs 870 crore in 2021-22.
In February 2020, import duty on toys was raised from 20 per cent to 60 per cent and now this year to 70 per cent, with an aim to discourage imports.
The government is also considering rolling out a fiscal incentive scheme -- PLI -- for toys.
In 2020, the government issued a Toys (Quality Control) Order. As per the order, toys have to conform to the requirements of relevant Indian standards and bear the standard mark under a licence. It is applicable to both domestic as well as foreign manufacturers who intend to export their toys to India.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)