Make-in-India impact: Toy imports drop by 70%, exports up 61%
Make-in-India initiative of Prime Minister Narendra Modi’s government has yielded positive results for the toy sector in the country with imports down by 70 percent while 61 percent surge in exports in the last three years, ANI reports quoting government data on Tuesday.
For HS Codes 9503, 9504, and 9505, the value of import of toys in India fell from $371 million in the financial year 2018-19 to $110 million in the financial year 2021-22, showing a decline of 70.35 per cent. For the HS Code 9503, toy imports have decreased even faster, from $304 million in FY 2018-19 to $36 million in FY 2021-22 for HS Code 9503, according to data released by the Ministry of Commerce and Industry.
The exports have jumped by 61.38 per cent over the same period. For HS Codes 9503, 9504, and 9505, the export of toys has increased from $202 million in FY 2018-19 to $326 million in FY 2021-22, up by 61.39 per cent. For HS Code 9503, exports of toys have increased from $109 million in FY 2018-19 to $177 million in FY 2021-22.
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