The Business Bytes
TBB BUREAU
NEW DELHI, JULY 5, 2022
The import of toys is down by 70 percent in the last three years. For HS Codes 9503, 9504, and 9505, the import of toys to India has reduced from USD 371 Mn in FY 2018-19 to USD 110Mn in FY 2021-22 thus showing a decrease of 70.35 percent. For the HS Code 9503, toys imports have decreased even faster, from USD 304 Mn in FY 2018-19 to USD 36 Mn in FY 2021-22 for HS Code 9503.
Additionally, the exports have jumped by 61.38 percent over the same period. For HS Codes 9503, 9504, and 9505, the export of toys has increased from USD 202 Mn in FY 2018-19 to USD 326 Mn in FY 2021-22, up by 61.39 percent. For HS Code 9503, exports of Toys have increased from USD 109 Mn in FY 2018-19 to USD 177 Mn in FY 2021-22.
Speaking to media during the 13th Edition of Toy Biz B2B (Business to Business) International Exhibition from 2-5 July 2022 at Pragati Maidan, New Delhi today, DPIIT Additional Secretary Anil Agrawal said that in his address in “Mann ki Baat” in August 2020, the Prime Minister had given a clarion call on “Rebranding the Indian Toy Story” and emphasized on the availability of right kind of toys for children, using toys as a learning resource, designing of toys based on Indian value system, Indian history, and culture to strengthen domestic designing and position India as a global manufacturing hub for toys.
He said the industry had benefitted from a number of interventions by the government and results show the success of Make in India programme. He added that the imports were mainly restricted to some components of the toys.
