Correct Answer : $152.34
India’s toy exports experienced a slight decline to USD 152.34 million in the fiscal year 2023-24, with limited benefits from quality control measures. Despite efforts to bolster the domestic industry and ensure product safety, exports did not see significant improvement.
Declining Export Trends :
Export figures dropped marginally from USD 153.89 million in the previous fiscal year to USD 152.34 million in 2023-24, as outlined by the Global Trade Research Initiative (GTRI). Despite a modest increase in exports from FY’2020 to FY’2022, the subsequent year witnessed a downturn.
Import Trends :
Conversely, imports rose to USD 64.92 million in 2023-24 from USD 62.37 million in the preceding year, indicating a persistent challenge in balancing trade dynamics.
GTRI’s Recommendations :
Comprehensive Industry Development Strategy : GTRI Founder Ajay Srivastava emphasized the necessity for a holistic approach to foster the growth of India’s toy industry and bolster exports.
Domestic Ecosystem Strengthening : Developing a robust domestic ecosystem is paramount, alongside measures to encourage renowned global toy brands to establish manufacturing facilities within India’s borders.
Learning from Chinese Model : Drawing insights from China’s success, India should invest in research and development to enhance innovation in toy design and functionality, thus enhancing global competitiveness.
Specialized Manufacturing Hubs : Establishing specialized toy manufacturing hubs can significantly reduce costs and enhance efficiency, contributing to the overall competitiveness of the sector.
Preservation of Cultural Heritage : Modernizing traditional Indian toys while preserving their cultural significance can yield unique products that appeal to both domestic and international markets.
Promotion and Marketing Initiatives : Supporting small and medium enterprises in leveraging digital marketing and participating in international fairs are essential steps to establish global connections and promote Indian toys.
Attraction of International Manufacturers : Encouraging international toy giants like Hasbro, Mattel, Lego, Spin Master, and MGA Entertainment to consider establishing production facilities in India can reshape the global toy production landscape.
Reducing Import Dependency : Developing local production capabilities for critical toy-making materials and components will decrease dependency on imports, thus enhancing the self-sufficiency of the Indian toy industry.
