Govt Initiatives help Promote Toy exports and Manufacturing

Government initiatives such as required quality control directives and increased customs duties have helped grow Indian toy exports, but much more has to be done for the sector, a top official said on Wednesday. Rajesh Kumar Singh, Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), has stated that they are actively pushing the proposal to increase fiscal incentives under the sector's production-linked incentive plan.

He stated that the industry is concerned about a projected substantial policy action "let me assure you that we are still pursuing that".

In the interim Budget in February, the Commerce and Industry Ministry proposed an outlay of Rs 3,489 crore for the Production Linked Incentive (PLI) scheme for toys to stimulate domestic manufacturing in the sector.

As the initiative has yet to be approved by the Union Cabinet, the interim Budget has included a minimal provision of Rs 1 lakh for 2024-25.

The initiative intends to attract investments in important industries and cutting-edge technologies, improve efficiency, bring economies of scale and scale to the manufacturing sector, and make Indian enterprises and manufacturers globally competitive.

 Singh stated that the country's toy exports have increased from USD 96.17 million in 2014-15 to USD 325.72 million in 2022-23, owing to the government's comprehensive support for developing a favorable manufacturing ecosystem for the toy business.