In news
Section: Economy of India
- India’s toy exports have hovered between USD 326 million and USD 348 million in the last three years.
- The US has imposed higher import duties on toy-exporting countries, benefiting Indian exporters.
- India faces a 26% tariff, compared to Vietnam’s 46%, China’s 54%, and Bangladesh’s 37% on toy exports to the US.
- India’s toy import bill from China dropped from USD 214 million in FY13 to USD 41.6 million in FY24.
- China’s share in India’s toy imports has decreased from 94% in FY13 to 64% in FY24.
- Indian states like Madhya Pradesh, Karnataka, Odisha, Haryana, and Bihar are creating toy-specific policies.
- The government’s measures like mandatory quality norms and higher customs duties have boosted domestic toy manufacturing.
- A proposed bilateral trade agreement with the US is expected to further aid Indian toy exports.
- The National Action Plan for Toys, announced in the Union Budget, aims to support the toy industry.
- Global wooden and soft toy firms are forming joint ventures with Indian players amid rising global tariffs.
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