Union Minister of Commerce and Industry, Piyush Goyal, encouraged domestic toy producers to seize the opportunity of expanding global market access and strive for a tenfold increase in exports within the next four years. Speaking at the 17th Toy Biz International B2B Expo, Goyal affirmed the government’s commitment to maintaining stringent quality standards, emphasizing the importance of Quality Control Orders (QCOs) in enhancing product quality and supporting local manufacturing.
Goyal reassured the industry that QCOs would remain in place, safeguarding against substandard imports and unfair trade practices. He clarified that the transition mechanism introduced aimed to facilitate investments and boost manufacturing capabilities temporarily without compromising quality standards. Despite notable growth in India’s toy sector, which currently represents a mere 0.2-0.3% of the global toy market valued at $120 billion, Goyal highlighted the need for a substantial increase in exports.
Acknowledging a 239% surge in toy exports over the past four years, Goyal urged manufacturers to leverage India’s expanding network of free trade agreements (FTAs) to tap into new markets. With nine FTAs signed in recent years, providing access to 38 countries, he encouraged industry players to collaborate with international retailers, e-commerce platforms, and local businesses in FTA partner nations to enhance the global presence of Indian toy brands. Additionally, Goyal mentioned ongoing trade negotiations with countries like Canada, Mexico, and Brazil, aiming to broaden India’s export horizons.
