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Indian toy makers, who participated in the five-day international toy fair in Nuremberg, Germany, held from January 30, 2024 to February 3, 2024 have received huge orders worth more than 10 million USD as they had showcased high-quality products, exporters say. The Indian toy industry highlighted that the Government Initiatives like mandatory quality norms, increase in custom duty and a National Action Plan on Toys (NAPT) have helped in the manufacture of high-quality products which have garnered appreciation at the international platform. The Indian toy sector is growing at a healthy rate and competing with global players. Among the most popular categories at the fair were those pertaining to wooden toys and educational learning toys. 

According to the toy exporters, buyers from countries such as the US, UK, South Africa, and Germany showed interest in their products and placed a good number of orders. There were more than 55 participants from India this year. 

The Indian manufacturers at the Nuremberg Toy Show stated that a considerable shift in the buyers’ approach and behavior has been witnessed. India is now being recognized as a lucrative alternative sourcing destination due to the Honorable Prime Minister, Shri Narendra Modi’s clarion call of Toyeconomy. 

The Indian toy makers also expressed that the prestigious platform opened the doors for international joint ventures with Indian manufacturing ecosystem gaining global acceptance. The interest of global players in partnering with the Indian industry has provided an impetus to the domestic manufacturers to enhance their manufacturing capacity for catering both, to the growing international and national market.

The emerging international recognition of ‘Made in India’ toys, is expected to contribute to the increase in exports. A substantial decrease of 52% in overall import of toys from USD 332.55 million in Financial Year 2014-15 to USD 158.7 million in Financial Year 2022-23 and increase of 239% in the exports of toys from USD 96.17 million in Financial Year 2014-15 to USD 325.72 million in Financial Year 2022-23 has already been recorded. 

While the domestic manufacturers have already experienced success in Germany, tie-ups with internationally acclaimed big players including Snapdeal and Walmart is in the pipeline. With the consolidated efforts of the Government and Industry, the sector is poised for success in the future.

The Nuremberg International Toy Fair concluded on February 3, 2024. Over 2,000 exhibitors from over 65 countries participated in one of the world’s largest toy fairs.

Dr. Vivek Joshi, Secretary, Department of Financial Services, Ministry of Finance, chaired a review meeting to address banking and insurance related issues faced by exporters and importers in New Delhi, today.

The meeting was attended by senior officers from Ministry of External Affairs, Department of Commerce, and Ministry of Finance. Functionaries of Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority (IRDAI) along with Chairman, State Bank of India (SBI) and senior executives of major commercial banks joined the meeting.

Financial Services such as trade finance, banking, and insurance have very important role to play in facilitation of Indian trade with all partner countries. Government along with sectoral regulators, RBI and IRDAI, regularly engages with important stakeholders to understand operational problems faced by them and work out solutions.

Specific operational issues, viz., delay in issuance of e-bank realisation certificates, overdue letters of credit, etc. were discussed. During the meeting, banks informed that after ensuring necessary due diligence and compliance with regulatory directions, trade transactions are continued to be facilitated by them. It was noted that in some cases, banks have proactively engaged with their clients and resolved the matter. Further, to ensure a seamless process, banks were advised to engage with clients to expedite resolution of their problems while appropriately examining compliance requirements.

Dr. Joshi advised banks to classify issues faced by them in different categories and indicated that they may consider seeking necessary regulatory guidance from RBI and also develop a standard operating procedure through Indian Banks Association (IBA).

Insurance related issues faced by the traders were discussed with IRDAI. Progress made on those issues were informed by IRDAI.

Dr. Joshi requested banks to work in close coordination with Department of Commerce and export promotion councils for trade facilitation and early resolution of problems faced in trade.

Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal encouraged industry’s constructive feedback and collaborative engagement to shape the policies, procedures and effectiveness of the Production Linked Incentive (PLI) scheme. While delivering a keynote address at the ‘PLI Perspectives: A Stakeholder Meeting’ organized by the Department for Promotion of Industry & Internal Trade (DPIIT), Ministry of Commerce & Industry yesterday at Bharat Mandapam, New Delhi, he applauded the efforts of all the PLI beneficiaries for driving the vision of the Prime Minister, Shri Narendra Modi, to make India a global hub for manufacturing. 

Shri Goyal urged the industry champions to intensify their focus on enhancing competitiveness within their respective sectors, fostering a business environment that stimulates innovation, efficiency, and adaptability. He also emphasized on the importance of the industry's concentration on prioritizing production of high-quality goods which is aligned with the broader objective of the PLI Scheme, ensuring that the benefits extend to both businesses and consumers. 

Shri Goyal further highlighted the imperative of cooperative collaboration where beneficiary companies were urged to work hand-in-hand with the government and fellow stakeholders, creating a collaborative ecosystem for sustainable growth. The Minister further added that the Government Officials of the implementing Ministry/ Department must hold regular consultation and roundtables with their respective PLI beneficiary. 

Overall achievement of PLI Schemes was also discussed during the meeting. Actual investment of Rs. 1.07 lakh crore have been realized (till December’23) which has resulted in production/ sales worth Rs. 8.70 lakh crore and employment generation of around 7 lakhs (direct & indirect). Exports have exceeded Rs. 3.40 lakh crore, with substantial contribution from key sectors such as electronics, pharmaceuticals & food processing. Incentive amount of around Rs. 4,415 crore disbursed under PLI Scheme for 8 sectors. 

In the opening session, Secretary, DPIIT, Shri Rajesh Kumar Singh highlighted achievements of PLI Scheme and its potential to revolutionize the manufacturing sector going forward. The opening session was followed by two interactive sessions covering all the 14 sectors, with the objective of exploring areas of collaboration between the Government and industry champions and creating a clear action plan for successful implementation of PLI Schemes. It provided a unique forum for industry leaders, experts, and Government Officials to engage in insightful discussion and exchange valuable insights on the impact of PLI Schemes. 

During the interactive sessions, representatives from beneficiary companies expressed their perspectives on the PLI Schemes, sharing valuable insights into their experiences, challenges faced, and suggestions for improvement to enhance effectiveness and streamline implementation processes. The engagement proved to be a constructive platform for open communication between industry stakeholders and the implementing Ministries/ Departments. The meeting facilitated immediate discussions on raised issues, allowing for on-the-spot clarification and resolution by the concerned Ministries/ Departments, demonstrating a commitment to addressing challenges promptly. 

The objective of the Meeting was to bring all stakeholders on a common platform, fostering a sense of ownership to facilitate sharing of knowledge and experiences, good practices and success stories ultimately contributing to the successful implementation of PLI Schemes. 

Around 1200 delegates, from beneficiary companies under PLI Scheme for 14 sectors, came together to discuss and chart out the strategy for effective and seamless implementation of PLI Schemes. The meeting also witnessed participation from senior officials of NITI Aayog, 10 implementing Ministries/ Departments viz. DPIIT, M/o Electronics & Information Technology, D/o Telecommunications, M/o Heavy Industries, M/o New & Renewable Energy, M/o Civil Aviation, D/o Pharmaceuticals, M/o Food Processing Industries, M/o Textiles & M/o Steel and respective Project Management Agencies (PMAs) under PLI Schemes. 

The meeting concluded with a joint commitment from all participants to actively engage in the PLI Schemes and maximize the utilization of the available incentives to their fullest extent.