look news india
What could be a loss-making deal for China in the toy manufacturing sector is proving to be a profitable deal for India. Between FY15 and FY23, India's toy industry has grown rapidly with a 239 percent increase in exports and a 52 percent decline in imports. As a result the country has become a net exporter.
The requirement of Bureau of Indian Standards (BIS) approval for the sale of toys in India, protectionism, China-plus-one strategy and a 70 per cent increase in basic customs duty have boosted India's toy industry.
According to industry partners, while global brands like Hasbro, Mattel, Spin Master and Early Learning Center are more dependent on the country for supplies, major manufacturers like Italian giants Dream Plast, Microplast and Incas are gradually shifting their focus from China to India. are doing. , focuses on. Before BIS regulation, India had 80 percent dependence on China for toys, which has now reduced.
“I don’t think the Chinese capacity has been approved by BIS,” said R Jaswant, CEO of Chennai-based Funskool, owned by tire maker MRF. Domestic Indian products dominate imports. 10 years ago there was hardly any purchase from India. Today many companies have established their base in India. The company also supplies to international toy companies such as Hasbro, Spin Master, Early Learning Center, Flair and Drummond Park Games. Nearly 60 percent of the products manufactured by the company now cater to export markets including the US, GCC and 33 countries in Europe. Jaswant said that with the support of government policies like BIS, these exports will soon be made to more than 40 countries.
“Indian manufacturing has grown and a large number of people have set up their base in Delhi,” said Pawan Gupta, owner of RP Associates, a distributor, importer and exporter. Many buyers who used to buy from China have now moved to other countries and India is one of them. Many big companies like Microplast, Dreamplast and Inka are included in this list.