New Delhi: The value of exports of toys from India surged by 240 per cent from $96.17 million in 2014-15 to $326.63 million in 2021-22.
In a written reply in Lok Sabha on Thursday, Union Minister of State for MSME Bhanu Pratap Singh Verma said the government has taken several steps to restrict import of sub-standard and unsafe toys and to promote domestic toy industry. As a result, the volume of import of toys into the Indian market has shown a consistently decreasing trend.
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“The import of toys (HSN Codes 9503, 9504, 9505) to India has decreased from USD 332.55 million in 2014-15 to USD 109.72 million in 2021-22 i.e. a decrease of approximately 67%,” he said, as per official release.
“Further, export of Toys (HSN Codes 9503, 9504, 9505) from India have increased from USD 96.17 million in 2014-15 to USD 326.63 million in 2021-22, i.e. an increase of approximately 240%,” the minister added.
Verma said to promote the MSME sector including toy industry, the Ministry of MSME is implementing various schemes for providing credit support for new enterprise creation, technology upgradation, skill development and infrastructure development.
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“Under Prime Minister’s Employment Generation Programme (PMEGP), margin money assistance upto 35% of the project cost is being provided for the unit costing upto Rs. 50 lakh for manufacturing sector and Rs. 20 lakh in the service sector,” he said.
Under the Scheme of Funds for Regeneration of Traditional Industries (SFURTI), assistance is provided for creation of Common Facility Centres with latest machines, design centres, skill development, etc, the minister said, adding that a total of 19 Toy Clusters have been approved under the scheme benefitting 11749 artisans with an outlay of Rs 55.65 crore.
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