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High Import Duty Gives Big Boost To Domestic Toy Manufacturers

The Indian toy business is turning traditional. This festival season look out for Lagori games, spinning tops and Gilly-Danda from Funskool. Check out Hasbro’s Monopoly which has Indian cities and locations in Tamil, Malayalam, Telugu and Kannada. Also, Shumee Toys is lining up Janmashtami picture collections and board games on Ramayana and Indian fables this Diwali. The industry owes its new outlook to the hike in import duty from 20% to 60% and introduction of BIS trademark certification. This ensured that low quality imported toys especially from China took a hit. The $ 1-billion Indian Toy industry is no longer a small business, it is set to double by 2025, according to the FICCI-KPMG report. This is still considered minuscule going by the world business which is set to touch the $ 230.64 billion by 2028 from $ 141.08 billion in 2021. Today the unorganised sector has cornered about 90% of the $1 billion Indian toy market. And BIS has issued 800 licences to toy makers. This has resulted in a wave of innovation among desi toy makers. The new products reflect Indian culture and popular themes from various regions of India. The spike in business has also seen big players like Reliance Brands takeover UK toy retailer Hamleys, and pick up 40% in Italian toy maker Plastic Legno SPA’s manufacturing business in India.