"NAPT"

#10902816

10 January 2024

Toys Have Been Recognized As One Of The Champion Sectors With Significant Export Potential. The Indian Toy Industry Is Among The Fastest-growing Globally, Projected To Reach $3 Billion By 2028, Growing At A CAGR Of 12% Between 2022-28, According To A Report By The Government Agency 'Invest India'. The Government Of India Is Planning To Provide Comprehensive Support To Promote 'Vocal For Local' In Toys Through The National Action Plan For Toys (NAPT) By Bringing Together 20+ Ministries/ Departments. Remarkable 239% Increase In Indian Toy Exports In FY 2022-23 In Comparison To FY 2014-15. The Indian Toy Industry Is Expanding Its Global Presence, With Increased High-value Exports To Middle East And African Countries. The Import Duty On Toys Was Increased From 60% To 70% In Budget 2023. The Toys Quality Control Order (QCO) Was Implemented In 2021 To Enhance Standardization In Toy Production And Import, Ensuring Product Safety. The Domestic Market Size Currently Stands At An Estimated Value Of $ 1.5 Billion. Labor-intensive Toy Categories Like Dolls, Soft Toys, Plastic House Decorations, And Board Games Offer Significant Manufacturing Potential In India Due To Inherent Cost Competitiveness And Growing Demand. This Photo Was Taken At Tehatta, West Bengal, India On 09/01/2024.

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Commercial use is not permitted without prior authorization.
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#10902822

10 January 2024

Toys Have Been Recognized As One Of The Champion Sectors With Significant Export Potential. The Indian Toy Industry Is Among The Fastest-growing Globally, Projected To Reach $3 Billion By 2028, Growing At A CAGR Of 12% Between 2022-28, According To A Report By The Government Agency 'Invest India'. The Government Of India Is Planning To Provide Comprehensive Support To Promote 'Vocal For Local' In Toys Through The National Action Plan For Toys (NAPT) By Bringing Together 20+ Ministries/ Departments. Remarkable 239% Increase In Indian Toy Exports In FY 2022-23 In Comparison To FY 2014-15. The Indian Toy Industry Is Expanding Its Global Presence, With Increased High-value Exports To Middle East And African Countries. The Import Duty On Toys Was Increased From 60% To 70% In Budget 2023. The Toys Quality Control Order (QCO) Was Implemented In 2021 To Enhance Standardization In Toy Production And Import, Ensuring Product Safety. The Domestic Market Size Currently Stands At An Estimated Value Of $ 1.5 Billion. Labor-intensive Toy Categories Like Dolls, Soft Toys, Plastic House Decorations, And Board Games Offer Significant Manufacturing Potential In India Due To Inherent Cost Competitiveness And Growing Demand. This Photo Was Taken At Tehatta, West Bengal, India On 09/01/2024.

Restricted to Editorial Use Only.
Commercial use is not permitted without prior authorization.
Please contact us for more information.