 "India's toy exports dip to $152 million in FY24 due to global headwinds")
The Centre on Friday said that India’s toy exports for the financial year 2023-24 (FY24) fell to $152.34 million, a marginal decline compared to FY23, mainly due to reduced global demand.
In FY23, the toy exports were recorded at $ 153.89 million while in FY22, the value stood at $177 million.
In a written reply to the Rajya Sabha, Minister of State for Commerce and Industry Jitin Prasada stated that the United States, United Kingdom, and Germany, which are India’s top three toy export markets, have experienced a 16-20 per cent decline in toy imports during the same period.
“The decline in India’s exports of toys from $177 million in 2021-22 to $152 million in 2023-24 is due to an overall decline in global demand for toys,” he said. The Union Minister also said that India’s toy imports were recorded at $65 million in FY24. This is a 76 per cent fall compared to 2014-15, Prasada said.
However, international headwinds, geo-political tension, and the Red Sea crisis, coupled with an overall decline in global demand for toys led to a marginal dip in exports, the minister said.
In June, a report emerged that the Centre is aware of this challenge and is engaged in implementing methods to boost toy exports.
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Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh had indicated that the officials are involved in pursuing a proposal to extend financial aid under the production-linked incentive scheme for the sector.
In the interim Budget in February, the commerce ministry had recommended allocating Rs 3,489 crore to the toy sector under the PLI scheme to boost local manufacturing.
During the full Budget announced in July, Finance Minister Nirmala Sitharaman allocated a total of Rs 16,092 crore for various sectors, including toys under the PLI scheme, marking an 89 per cent surge compared to FY24.