{"id":194362,"date":"2022-07-06T18:01:54","date_gmt":"2022-07-06T12:31:54","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=194362"},"modified":"2022-07-06T18:02:38","modified_gmt":"2022-07-06T12:32:38","slug":"toy-imports-down-by-70-and-exports-up-61-over-last-three-years-as-make-in-india-yields-positive-results-for-the-sector","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/toy-imports-down-by-70-and-exports-up-61-over-last-three-years-as-make-in-india-yields-positive-results-for-the-sector\/","title":{"rendered":"Toy imports down by 70% and exports up 61% over last three years as Make in India yields positive results for the sector"},"content":{"rendered":"\n

Source: <\/b>The post is based on the article<\/span> \u201c<\/b>Toy imports down by 70% and exports up 61% over the last three years as Make in India yields positive results for the sector<\/b>\u201d <\/b>published in <\/span>PIB <\/b>on 5th July 2022.<\/b><\/p>\n

What is the News?<\/b><\/h5>\n

According to Ministry of Commerce and Industry data, the <\/span>import of toys is down by 70% in the last three years. On the other hand, the exports of Toys have jumped by 61.38% over the same period.\u00a0<\/span><\/p>\n

India\u2019s Toys Industry<\/b><\/h5>\n

India\u2019s Toys Industry is estimated to be $1.5 bn making up 0.5% of the global market share.\u00a0<\/span><\/p>\n

The toy manufacturers in India are mostly located in NCR, Maharashtra, Karnataka, Tamil Nadu and clusters across central Indian states.\u00a0<\/span><\/p>\n

The sector is fragmented with 90% of the market being unorganized and 4,000 toy industry units from the MSME sector.\u00a0<\/span><\/p>\n

FDI norms in Toy Industry<\/b>: <\/span>100% FDI is allowed under the Automatic Route.<\/span><\/p>\n\n\n\n
Read more: Prime Minister calls for e-marketing of \u201cChannapatna toys\u201d<\/a><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
What are the government Interventions in the Toy Industry?<\/b><\/h5>\n

Firstly, <\/b>the Directorate General of Foreign Trade(DGFT) mandated sample testing of each consignment and no permission for sale unless the quality testing is successful. In case of failure, the consignment is either sent back or destroyed at the cost of the importer.<\/span><\/p>\n

Secondly<\/b>, Basic Custom Duty(BCD) on Toys has increased from 20% to 60% in February 2020.<\/span><\/p>\n

Thirdly<\/b>, To instil standardization in the production and import of toys, a Toy Quality Control Order(QCO) was issued in 2020 under the BIS act to ensure toys manufactured or imported into the country were in-line with global quality standards.<\/span><\/p>\n

\u2013 QCO on Toys was amended in 2020 to exempt goods manufactured and sold by artisans registered with the Development Commissioner and also by authorized users of GI Tag products.<\/span><\/p>\n

Fourthly<\/b>, BIS made special provisions in 2020 to grant licenses to micro-scale units manufacturing toys without the testing facility for one year and not to insist on establishing in-house facilities.<\/span><\/p>\n\n\n\n
Read more: Aatmanirbhar bharat in toy making<\/a><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on the article \u201cToy imports down by 70% and exports up 61% over the last three years as Make in India yields positive results for the sector\u201d published in PIB on 5th July 2022. What is the News? According to Ministry of Commerce and Industry data, the import of toys… Continue reading Toy imports down by 70% and exports up 61% over last three years as Make in India yields positive results for the sector<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,9],"tags":[3590],"class_list":["post-194362","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-public","tag-pib","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704926267},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/194362","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=194362"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/194362\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=194362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=194362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=194362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}