India’s share in the international toy industry is quite low.
The Ministry of Commerce and Industry is already taking steps to encourage domestic manufacturing of toys.
Will help in attracting startups
Sources said that this policy will help in creating a strong ecosystem for the industry in the country and attract startups. The Ministry of Commerce and Industry is already taking steps to encourage domestic manufacturing of toys. The Ministry has issued a Quality Control Order for the sector as well as increased import duty on toys last year. Quality control orders will prevent the flow of cheap low quality toys in the domestic market.
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A source said that India’s share in the international toy industry is very low. India’s export share of global demand is less than 0.5 per cent. In such a situation, there are many opportunities in this sector. The source said that research and development and design centers can also be encouraged for the toy sector.
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The source said, “Encouraging manufacturing will help in increasing toy exports from the country. Countries like China and Vietnam currently dominate this sector. India’s toy exports are limited at around $ 100 million.
Budget session will start from 29 January
Significantly, the budget session of Parliament will start from January 29. During the session, the general budget of the financial year 2021-22 will be presented in Parliament on 1 February. According to the statement of the Lok Sabha Secretariat, the budget session running in two parts will run till 8 April. The first phase of the budget session will run from 29 January to 15 February while the second phase will run from 8 March to 8 April.