Decisive steps -- which include raising import duties - to curb the inflow of substandard toy imports by the Indian Government since 2020, especially from China, while simultaneously strengthening the domestic toy industry, as per a latest insight from Global Trade Research Initiative (GTRI).
The steepest decline occurred between FY2020 and FY2022, demonstrating the direct impact of the new regulations. Imports dropped from USD 279.3 million in FY2020 to USD 35.9 million by FY2022, then slightly rose to USD 62.4 million in FY2023 and USD 64.9 million in FY2024. This sharp decrease over the last four years is directly due to (QCO) measures, as per GTRI data. There was an increase in imports from other regions such as ASEAN countries, Sri Lanka, and the Czech Republic.
One of the foremost impact was that the share of imports from China dropped from 87 per cent of India's total toy imports in FY2019 to 64 per cent in FY2024. The Indian toy industry has an estimated value of USD 3 billion in contrast, to USD100 billion of China. In FY2019, share of China was 87 per cent in India's global imports of USD 304.1 million. In FY2024, share of China was 64 per cent in India's global imports of USD 64.9 million. Share of other suppliers was ASEAN with 16.7 per cent, Sri Lanka with 12.4 per cent and Czech Republic contributing 4.7 per cent.
Bu hikaye The Business Guardian dergisinin May 09, 2024 sayısından alınmıştır.
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Bu hikaye The Business Guardian dergisinin May 09, 2024 sayısından alınmıştır.
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