The present Government has brought in a number of major reformations in every sector, right from healthcare to space technology. At present, there is no sector, in which the transformative measures taken by the Government have not been implemented. The further point of satisfaction is that besides introducing various new scientific advancements, the Government has always advocated for supporting the country-made products through several schemes, so that dependency on other nations can be reduced and the country can become self-dependent in every aspect, as the same will not only save a huge amount of Government exchequer but will also boost the economy to a major extent. It is only due to such proactive initiatives of the Government that at present, the country has improved its ranking and standing proudly as 5th largest economy of the world, surpassing a number of nations. Prime Minister, Narendra Modi, during his Mann Ki Baat broadcast in August 2020, expressed a desire to establish India as a global toy manufacturing hub and to strengthen domestic designing and manufacturing capabilities. The Toy Industry in India has historically been import dependent. Lack of raw-material, technology, design capability etc. led to huge imports of Toys and its components. In 2018-19, Toys worth USD 371 Mn (Rs. 2960 cr.) were imported into our country. A large proportion of these toys were unsafe, substandard, counterfeit, and cheap. To address the import of low-quality and hazardous toys and to enhance domestic manufacturing of toys, several strategic interventions have been taken by government. Some key initiatives include increase of Basic Custom Duty from 20 per cent to 60 per cent, implementation of Quality Control Order, mandatory sample testing of imported toys, granting more than 850 BIS licenses to domestic toy manufacturers, development of toy clusters etc. Several promotional initiatives including The India Toy Fair 2021, Toycathon 2021, Toy Business League 2022 were conducted to promote indigenous toys to encourage innovation and new-age design to suit global requirements. Complimented by sincere efforts of domestic toy manufacturers, the growth of Indian Toy industry has been remarkable in less than 2 years despite COVID-19 pandemic. The import of toys in FY 21-22 have reduced by 70 per cent to USD 110 Mn (Rs. 877.8 cr.). There has also been a distinct improvement in quality of toys in domestic market. Simultaneously, the efforts of the industry have led to an export of 326 Mn USD (Rs. 2601.5 cr.) of toys in FY21-22, which is an increase of over 61 per cent over 202 Mn USD (Rs. 1612 cr.) of FY18-19. India’s export of toys registered tremendous growth of 636 per cent in April-August 2022 over the same period in 2013.There are several trends that mark a shift in Indian manufacturing, which includes increase in domestic value addition & local sourcing, a greater focus on R & D, innovation and sustainability measures. The Make in India initiative has been striving to ensure that the business ecosystem in the nation is conducive for investors doing business in India and contributing to growth and development of the Nation. This has been done through a range of reforms that has led to increased investment inflows as well as economic growth. With this initiative at the forefront, the businesses in India are aiming that the products that are ‘Made in India’ are also ‘Made for the World,’ adhering to global standards of quality.
