New Delhi [India], April 14 : In its election manifesto for 2024, the Bhartiya Janta Party (BJP) has pledged to propel India into the forefront of the global toy manufacturing industry, leveraging the nation's skilled workforce and rich cultural heritage to produce innovative and high-quality toys.
The party released its "Sankalp Patra" (Election manifesto) on Sunday at its headquarters in New Delhi in the presence of Prime Minister Narendra Modi, Home Minister Amit Shah and Defence Minister Rajnath Singh.
The BJP manifesto states "We will transform Bharat into the global hub for toy manufacturing, leveraging our skilled workforce and rich cultural heritage to produce innovative and high-quality toys".
This promise by BJP comes amidst a notable transformation in the Indian toy industry, as revealed by data from the Ministry of Commerce and Industry. Over the past few years, the sector has witnessed a remarkable decrease in imports and a substantial increase in exports, reflecting the success of initiatives aimed at promoting indigenous manufacturing and bolstering exports.
According to the data, imports of toys have decreased by 52%, while exports have surged by an impressive 239% from FY 2014-15 to FY 2022-23. This shift marks the major steps by the local manufacturers to be competitive at the global stage in the toy industry.
One such measure includes the significant increase in customs duty on toy imports, raised from 20% to 70% in recent years. This move seeks to safeguard the interests of domestic manufacturers and foster fair competition in the market.
Additionally, the government has mandated Bureau of Indian Standards (BIS) certification for all toys, ensuring adherence to stringent safety and quality standards. This certification enhances the reputation of Indian toys in both domestic and international markets, further bolstering export prospects.
The comprehensive 'National Action Plan' for Toys, initiated in 2020, aims to promote trade and investment, boost indigenous manufacturing, and position India as a global hub for toy production. Collaboration with 14 central ministries and departments underscores the holistic approach towards achieving this goal.
Furthermore, recent Free Trade Agreements (FTA), such as the India-UAE Comprehensive Partnership Agreement (CEPA) and India-Australia Economic Cooperation and Trade Agreement (ECTA), provide zero-duty market access for Indian toy exports, incentivizing further growth in the sector.
Previously facing stiff competition from Chinese toys, the Indian toy industry has made significant strides in reducing imports from China. This shift reflects India's increasing self-reliance and competitiveness in the global market.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor