The toy industry will be encouraged through a special policy in the budget

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Mumbai, Ta. Saturday, January 30, 2021

The finance minister is expected to announce a special policy for the toy industry when he presents the budget next week. A special policy to support the domestic industry is likely to be unveiled. The new policy will welcome start-ups in the toy sector.

The Ministry of Commerce and Industry is already taking steps to promote the domestic toys industry.

It has issued a quality control order for the sector and also increased the import duty on toys last year, a UPTI report said.

Quality control standards have been implemented to prevent the entry of low quality toys into the domestic market. India's share in the global toy market is very small. India's exports account for 0.50 per cent of global demand for toys.

Research and development and design centers should be given importance for the development of the toys sector, industry leaders said. The increase in toy production in the country will help in export growth. Currently, China and Vietnam are major players in the region.

The toy industry in India is unorganized and involves about 5,000 small and medium enterprises. About 8 per cent of India's toys are imported, mostly from China, according to industry sources.

India has the talent and the potential to be a toy for the world, Prime Minister Narendra Modi said recently.


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