India’s toy exports have experienced a remarkable 60% increase, jumping from $203.46 million during 2018-19 to a substantial $325.72 million in the fiscal year 2022-23. This noteworthy information was shared during a session in Parliament on Wednesday.
On the flip side, toy imports took a dip of 57%, declining from $371.69 million in 2018-19 to $158.70 million in 2022-23. These figures were revealed through data provided by Som Parkash, the Minister of State for Commerce and Industry. The minister also highlighted that the government has proactively taken measures to bolster the domestic toy industry.
The minister explained, “Due to the concerted efforts by the government, there has been a consistent decline in the influx of imported toys into the Indian market.” This statement came as a written response to queries in the Lok Sabha. Additionally, he shared that the Ministry has registered a total of 110,525 industries from January 1991 to July 31, 2023.
In a discussion about the Open Network for Digital Commerce (ONDC), Commerce and Industry Minister Piyush Goyal elaborated that ONDC has initiated a Feet on Street (FoS) program. This program involves 90 FoS resources dedicated to aiding network participants in recognizing the benefits of ONDC and educating sellers about its advantages.
ONDC operates as a protocol that efficiently facilitates the exchange of goods and services among network participants. Piyush Goyal stressed, “We’re actively taking steps to enhance consumer awareness and foster increased engagement on the network.”
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