: No proposal from Toy industry for inclusion in PLI scheme: Minister Som Prakash #finance #StockMarketNEWS No proposal from Toy industry for inclusion in PLI scheme: Minister Som Prakash New Delhi,

No proposal from Toy industry for inclusion in PLI scheme: Minister Som Prakash #finance #StockMarketNEWS
No proposal from Toy industry for inclusion in PLI scheme: Minister Som Prakash New Delhi, July 28 (KNN) Centre has received no proposal to include toy industry under the Production Linked Incentive (PLI) scheme, Union Minister of State for Commerce and Industry, Som Prakash said in the ongoing parliament session.

Centre has been recently providing all-around support to the domestic toy industry to make them more competitive in the global market.

The government in its efforts to promote the domestic toy manufacturing, increased the basic customs duty on toys from 20 per cent to 60 per cent in early 2020.

“Some of the measures include promoting Made in India toys; designing of toys based on Indian values, culture, and history; using toys as a learning resource; organizing hackathons and grand challenges for toy designing and manufacturing; monitoring the quality of toys; restricting imports of sub-standard and unsafe toys and promoting indigenous toy clusters,” the minister said in his reply on Wednesday.

Recent trends show that the exports of toys from India increased by 61.38 per cent in the last three years. It rose from USD 202 million in 2018-19 to USD 326 million in 2021-22.

However, the import of toys have dipped by 70 per cent during the same period from USD 371 million USD 110 million.

The Indian toy industry was earlier facing stiff competition from Chinese toys. However, in the past few years, imports from China declined substantially.

The PLI scheme launched by the government with the aim to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global. (KNN Bureau)