Budget 2025: Government to implement scheme to make India toy hub of world
The Hindu
Union government aims to make India a global toy hub through cluster development, boosting exports and reducing imports.
The Union government in the FY25 Budget on Saturday (February 1, 2025) announced a scheme to make India a global hub for toys by focusing on cluster development.
Finance Minister Nirmala Sitharaman in her budget speech said the scheme will focus on development of clusters, skills, and a manufacturing ecosystem that will create high-quality, unique, innovative, and sustainable toys that will represent the 'Made in India' brand.
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"Building on the National Action Plan for Toys, we will implement a scheme to make India a global hub for toys," she said.
India's toy exports dropped from $177 million in 2021-22 to $152 million in 2023-24 due to overall decline in the global demand of these products.
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The government's steps such as mandatory quality norms and increase in customs duties have significantly helped the domestic toy players to boost manufacturing and reduce dependence on Chinese imports.
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