The govt said the policy will help in creating a strong ecosystem for the industry in the country and also attract startups.
Sanjhi Soch Beauro –The government may in the Budget next week announce the formulation of a dedicated policy for the toys sector to boost domestic manufacturing, sources said. They said the policy will help in creating a strong ecosystem for the industry in the country and also attract startups.
The commerce and industry ministry is already taking steps to promote domestic manufacturing of toys. It has come out with a quality control order for the sector and had also increased import duty last year on toys. A quality control order is one of the ways to stop the flow of cheap sub-standard toys into the domestic market.
A source said that the country has a low share in the international toys industry and India’s exports account for less than 0.5 percent of global demand, so there are immense opportunities in this segment. The other areas which could be considered for the sector include the promotion of research and development and design centres for toys.
“Boosting manufacturing would also help increase exports of toys from India. Countries like China and Vietnam are major players in the sector,” they added. India’s toy exports are limited to about USD 100 million.