Budget 2021: Toy Industry Can Get Big Gift, New Startups Will Get Big Opportunity - Newztezz - Latest News Today, Breaking News, Top News Headlines, Latest Sports News


Monday, January 25, 2021

Budget 2021: Toy Industry Can Get Big Gift, New Startups Will Get Big Opportunity

The toy industry is also one of the areas that are most expected from the budget 2021-22. 
Experts believe that in this budget, the central government can make a concrete policy for the sector to promote domestic production of toys. According to analysts, the implementation of this policy will help in creating a strong economic structure for the toy industry in the country and at the same time will give a big boost to startups in this industry.

It is noteworthy that the Ministry of Commerce and Industry is already taking important steps towards promoting domestic manufacturing of toys. The Ministry had taken a major decision in 2020 to increase the import duty on toys. Also, the ministry has  ordered to control the sale of low quality toys in the domestic market This whole exercise of the ministry is being linked to the promotion of toy production in India itself.

At present, the toy industry in India is mainly unorganized with about 4000 small and medium industries. However, around 85 percent of the toys are imported into the country. Large quantities of toys are sourced from China. This is followed by toys from Sri Lanka, Malaysia, Germany, Hong Kong and America.

Experts say that so far India is far behind other countries in terms of toy exports. In terms of statistics, India's share of the global demand for toys is less than 0.5%. So far, countries like China and Vietnam have a great influence in this industry globally. It is believed that there are many opportunities in this field in India. According to sources, along with research and development for the toy sector, design centers can also be encouraged in the new budget.

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