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New Delhi: India's toy exports have gone up to $326.63 million in the fiscal year 2021–22 from $96.17 million in 2014-15, Union MSME minister Bhanu Pratap Singh Verma has said.
The spurt in toy exports is owing to various measures taken by the Centre in the past few years. Verma said the government has limited the import of harmful and subpar toys to support the domestic toy sector.
It has also created a number of programmes to offer loan support for new firm establishment, technological upgradation, talent development, and infrastructure development in order to boost MSMEs, including toy manufacturers.
Toy imports to India decreased from $332.55 million in 2014–15 to $109.72 million in 2021–22.
Under the Prime Minister's Employment Generation Programme, units up to Rs. 50 lakh in the manufacturing sector and Rs. 20 lakh in the service sector are eligible for margin money assistance amounting to up to 35% of the project cost.
The Scheme of Funds for Regeneration of Traditional Industries (SFURTI) provides help for the establishment of Common Facility Centers with cutting-edge machinery, design centres, skill development, etc. Under this, 19 toy clusters totaling 11,749 craftsmen and $55.65 crore in investment have been approved.
The Centre has given domestic producers 1,001 licences and 28 licences to international manufacturers for the production of toys with BIS standards.
