The trade from the toy industry has significantly increased in the last 9 years. The exports from 2013 to 2014 were $36.91 million. The growth in exports from 2022 to 2023 increased to $153.88 million. This shows a total growth of 360% during the past 9 years. In addition, the export of Indian toys increased in the last 9 years and reached $177.04 million in the financial years 2021 and 2022.
But a gradual decline in exports of Indian toys is noticed in the financial year 2022 and 2023. This decline can be stated from the value of $153.88 million, a decline of 13% in the last fiscal year. This data is collected and represented by the Ministry of Commerce and Industry.
Experts recognize various factors leading to the increase in exports of Indian toys. Numerous structural adjustments made by the government over the previous year can be blamed for the majority of the growth in trade. India's government increased the import tax on toys to 70%, which has led to a boom in domestic manufacturing.
Another popular initiative, the quality control order, was introduced to maintain and regulate the quality of toys concerning the Bureau of Indian Standards. The national action plan for toys was also launched in 2020, increasing iron manufacturing momentum by bringing 15 ministries together.
Numerous toy exhibitions and fairs are organized regularly, which helps people to explore new markets and get more consumers, as stated by the founder of educational toys manufacturer hungry brain, Hemali Gada. Meanwhile, BIS increase the total cost of Indian toys; they are necessary to maintain the quality of toys and undergo a quality test before exporting.
However, China toys dominate the Indian toy market, but Indian toy manufacturing and production are also increasing. A significant increase in the production of activity sport guns, promotional toys, board games, dolls, etc, is witnessed.
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