The authorities could within the Budget subsequent week announce formulation of a devoted coverage for the toys sector to spice up home manufacturing, sources stated.
They stated the coverage will assist in creating a powerful ecosystem for the trade within the nation and in addition entice startups.
The commerce and trade ministry is already taking steps to advertise home manufacturing of toys. It has come out with a high quality management order for the sector and had additionally elevated import obligation final yr on toys.
Quality management order is likely one of the methods to cease circulate of low cost sub-standard toys into the home market.
A supply stated that the nation has low share within the worldwide toys trade and India’s exports account for lower than 0.5 per cent of world demand, so there are immense alternatives on this phase.
The different areas which could possibly be thought of for the sector embrace promotion of analysis and improvement 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 restricted to about USD 100 million.
The toys trade in India is primarily within the unorganised sector, comprising about 4,000 small and medium enterprises.
About 85 per cent of toys are imported within the nation, with most coming from China. It is adopted by Sri Lanka, Malaysia, Germany, Hong Kong and the US.
Prime Minister Narendra Modi had stated that India has expertise and talent to develop into a toy hub for your entire world and referred to as upon startups to work in the direction of realising this potential whereas being “vocal about local toys”.
