Toy imports down 52%, exports up 6x

The toy industry has shown notable growth in performance in the last nine years with imports declining by 52% and exports increasing six times. 

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Over the past nine years, the toy industry has experienced significant growth. Import of toys has seen a substantial decline of 52%, whereas India’s toy exports have surged by a remarkable six-fold, according to MSME Minister Mr. Narayan Rane.

“With a remarkable 52% reduction in toy imports over the last 9 years and a sixfold increase in toy exports, India strides boldly towards Hon’ble PM Shri Narendra Modi ji’s dream of a self-reliant nation. Guided by an unwavering vision of progress, 9600+ registered MSME units are actively reshaping our country into a vibrant toy production hub,” Mr. Rane stated.

There has been a substantial shift in the toy industry dynamics. Imports of toys witnessed a significant decline from US$ 257.65 million during the fiscal year 2013-14 to US$ 62.39 million in the fiscal year 2022-23, marking a substantial 75% decrease. The export sector experienced notable growth with exports surging from US$ 36.91 million in 2013-14 to a robust US$ 153.88 million in 2022-23.

Earlier this year in February, tightened the procedures for import of toys to ensure compliance with the quality norms of the Bureau of Indian Standards (BIS). This initiative was part of a series of actions taken by the government to regulate the inflow of inexpensive and substandard toys from countries such as China. Simultaneously, the government increased the import duty on toys from 60% to 70% in the 2023-24 budget, aiming to encourage local manufacturing of these products.