India's $3 billion toy story: From import dependence to export growth
The Indian toy industry, undergoing a remarkable metamorphosis from reliance on overseas merchandise to a burgeoning exporter, is poised for exponential growth, and the 16th Toy Biz International B2B Exhibition will serve as a prominent showcase of this thriving domain.
Once heavily reliant on playthings from abroad, India's toy narrative is now a compelling saga of astute governmental strategies and an expanding domestic production ecosystem, evidenced by a striking 239 per cent upswing in exports over the past decade. This sea change, underscored by a substantial 52 per cent contraction in imports during the same period, establishes the groundwork for an even more dynamic Toy Biz 2025, slated for July 4-7 at New Delhi's Bharat Mandapam (Pragati Maidan).
Propelled by governmental initiatives such as amplified tariffs on inbound shipments (escalating from 20 per cent to 70 per cent between FY20 and FY24) and stringent Quality Control Orders (QCO) enacted in January 2021, India's toy sector is experiencing a resurgence. These interventions have palpably reshaped trade patterns, culminating in a 27 per cent diminution in overall toy imports between FY19 and FY24, notably impacting commerce with China, whose share of India's toy procurements plummeted from a dominant 93 per cent in FY18 to a mere 64 per cent in FY24.
The government's dedication to nurturing a robust indigenous toy manufacturing foundation is further emphasisd by the National Action Plan for Toys (2020), which endeavours to galvanise local production, champion homegrown toys,brands like Ok Play, Jammbo, Playgro, ToyPlus, Ankit Toys, Smartivity, Funskool, Girnar, Funzoo Toys, Frank, Skillmatics, Olympia Games & Toys, Toysmith, Panda, Young Wheels and harness playthings as educational instruments. The recent pronouncement by Finance Minister Nirmala Sitharaman regarding a novel scheme to fortify the toy manufacturing ecosystem signals an even more vigorous impetus to position India as a preeminent global toy hub.
The forthcoming Toy Biz 2025 will furnish a crucial platform to witness this transformation firsthand. The exposition anticipates hosting nearly 400 Indian brands, a noteworthy surge from the 360 enterprises that participated in the preceding edition, all eager to display the nation's evolving toy production prowess. This presents an unparalleled opportunity for international procurers to source inventive and premium-quality toys directly from Indian manufacturers.
'The Indian toy industry's odyssey from import dependence to an ascending export market stands as a testament to judicious strategies and the intrinsic dynamism within the nation,' said Ajay Aggarwal, President of the Toy Association of India. 'Toy Biz 2025 will not only underscore the impressive expansion in domestic manufacturing but also accentuate the escalating emphasis on excellence, innovation, and safety benchmarks. With an objective of over 450 participating brands this year and a strong commitment to facilitating global collaborations, we are sanguine that Toy Biz will be instrumental in propelling India onto the global toy stage.'
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