New Delhi. The government may announce a policy for the toy sector to boost domestic manufacturing in the upcoming general budget. This information has been noted from sources. As per Sources, this policy will help in creating a strong ecosystem for the industry in the country and attract startups. The Ministry of Commerce and Industry is already taking steps to encourage domestic manufacturing of toys. The Ministry has issued a Quality Controller Order for the region as well as increased import duty on toys last year.

Quality control orders will prevent the flow of cheap low quality toys to the domestic market. A source said that India’s share in the international toy industry is very low. India’s exports account for less than 0.5 percent of global demand. Hence there are many opportunities in this area. The source said that research and development and design centers for toy sector can also be encouraged. The source said, “Encouraging manufacturing will help in increasing toy exports from the country. The region is currently dominated by countries like China and Vietnam. India’s toy exports are limited at around $ 100 million.

Prime Minister Narendra Modi has spoken about promoting indigenous toys through the Mann Ki Baat program. According to the Prime Minister, the global toy market is more than 7 lakh crore rupees, but India’s share is very small. The country has to work together to take it forward. In the past, the Prime Minister has asked the industry to come forward several times to promote the Indian toy industry. In the last year itself, the government has planned to promote the toy industry, from online gaming to traditional toys. The government is trying to find emerging talent to create new-age online games by organizing events for the youth on one hand. On the other hand, the government is also working on a strategy to promote traditional toys.

Budget 2021-22 Optimism: Pandemic underlined need for higher budget allocation for healthcare sector

UK biz activity suffers steep fall in January: Report

India’s medium term growth to sluggish to 6.5pc after initial rebound: Fitch