Indian Toy Industry sees 239% rise in exports in FY 2022-23

Business When comparing FY 2022–2023 to FY 2014–15, the Indian toy business experienced impressive growth, with a 52% decrease in imports and a 239% increase in exports. Image credits: Freepik

India emerging as top exporting nation

A report on 'Success Story of Made in India Toys', noted that India is emerging as a top exporting nation along with zero-duty market access including UAE & Australia. Image credits: Freepik

Basic Customs Duty (BCD)

BCD on toys (HS code 9503) was increased from 20% to 60% in February 2020, and subsequently to 70% in March 2023. Image credits: our own

Mandated sample testing

Directorate General of Foreign Trade (DGFT) has mandated sample testing of each import consignment to curb the import of sub-standards toys. Image credits: our own

BIS grants licenses

BIS has granted more than 1200 licences to domestic manufacturers and more than 30 licences to foreign manufacturers for the manufacture of toys with BIS standard Marks. Image credits: Getty

Cluster-based approach

The Ministry of MSME is supporting 19 Toy clusters under the Scheme of Funds for the Regeneration of Traditional Industries (SFURTI). Image credits: Getty

Promotional Initiatives

Promotional initiatives have also been undertaken to promote indigenous toys and encourage innovation, including The Indian Toy Fair 2021, Toycathon, etc. Image credits: Getty Find Next One