Make In India: Govt May Announce Formulation Of A Dedicated Policy To Boost Domestic Toy Manufacturing Ecosystem

In a bid to give a big fillip to domestic manufacturing of toys in line with its call for the building of an Atmanirbhar Bharat, the Government is likely to announce the formulation of a dedicated policy in the Budget on 1 February, reports Economic Times.

The policy push would likely aim to attract startups in the sector and to create a strong ecosystem for the toy-making industry in the nation. This gains significance as India's total toy exports in the present day is just about $100 million, which accounts for less than 0.5 per cent of global demand.

The Indian toymaking industry is largely unorganised comprising of about 4,000 small and medium enterprises. Also, the nation imports about 85 per cent of toys, with the maximum coming in from China, followed by nations like Sri Lanka, Malaysia, Germany, Hong Kong and the United States (US).