Talking to TNIE, chairman of Toy Association of India Manu Gupta said that India has achieved a certain critical level of toy exports, but in order to exponentially grow from here, the industry needs to overcome the cost disability it faces due to massive subsidies offered by countries like China and Vietnam. He says in order to grow toy exports in the country, the government should consider the request for a Production-Linked Incentive scheme for the sector. He also bats for a National Toys Policy for a comprehensive boost to the sector.
Ajay Srivastava, founder, GTRI, however, attributes the stagnation in exports to the inability of quality control measures to boost exports. “While quality control measures were primarily aimed at boosting local industry and ensuring safety, they did not significantly enhance India’s toy exports,” says Srivastava of GTRI. Introduction of higher import duties and the quality control measures has impacted the toy trade in India with imports falling drastically from $304.1 million in FY19 to $64.9 million in FY24.
