New Delhi: Prime Minister Modi in his radio program Mann Ki Baat spoke of developing India as a toy hub to boost toy market for children and reduce dependence on foreign toys. This is because 65-75% of the toys sold in the country are from China alone.
According to an IBIS World report, 70 percent of the world's toys are manufactured in China, so China dominates not only India but the entire world toy market. At the same time, India's share in this sector is 0.5, which is quite low. China dominates more because it has formulated a separate policy to promote toy manufacturing. Under this policy, 14 plug-in toy centers have been established in China. Any trader can start his business by visiting these centers.
At the same time, such steps have been taken by the Government of India in the last few years, which create obstacles for toy making companies. The government has increased GST from 5.5 per cent to 12 per cent on wooden toys and 18 per cent GST on batteries or light-colored toys. However, a relieving news about the toy market is that Mukesh Ambani bought UK toy company Hamlej in 2019, with 167 stores in 18 countries.
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