China may have flooded the markets with cheap products and might be the top player in industries like toys and electronics, but India has a lot to offer the world. And the world seems to be taking notice.
It’s no secret that China has been expanding its influence through various means, from providing weapons and ammunition to extending its soft power. But despite its best efforts, the world still looks up to India. And now, India is stepping up its game to take on the dragon and emerge as a force to be reckoned with.
With its booming tech industry, diverse culture, and growing economy, India is ready to show the world what it’s made of. And who knows, maybe one day we’ll see a “Made in India” label on products all around the world.
US and Europe looking for Indian manufacturers
The Indian toy industry has been gaining a lot of attention and recognition in recent times, especially as a result of China’s dominance in the global toy market. India has been working hard to develop its toy industry and become a major player in the global market.
The recent government statement highlights the increasing interest of the US and Europe in importing toys from Indian manufacturers. This is a significant development and a great opportunity for the Indian toy industry to expand and establish its presence in the global market.
To ensure that Indian toy manufacturers are able to meet the global compliance provisions, the Department for Promotion of Industry and Internal Trade is providing support to the manufacturers. This support includes providing guidance and assistance in complying with international quality standards, safety regulations, and other relevant compliance requirements.
The Chairman of the Toy Association of India and promoter of Playgro Toys India, Manu Gupta, has stated that an Italian firm has expressed interest in importing toys from the Indian toy market. This signifies that the Indian toy market is not only gaining attention from the US market but also from other countries.
The statement mentions that a US-based retailer has approached India for business worth $400 million USD in the categories of ride-on, outdoor toys, and mechanical and electrical toys. This indicates that the Indian toy market is gaining momentum and is becoming an attractive market for global retailers.
Further, the statement highlights that around 82 Indian companies have expressed their desire to participate in this exercise, indicating the potential of the Indian toy market.
In addition, the statement suggests that the growing interest of big powers in the Indian market has raised the Indian standard in the world order, while China seems to be losing its appeal. This implies that the Indian economy is on an upward trajectory and is becoming an attractive market for global players.
Let’s focus on the statistics, China dominates the toy market worldwide by dumping cheap products. The statistics show that China amounted to revenue of approximately US $78.8 billion in 2022, indicating its stronghold in the global toy market.
There is a negative impact of China’s dominance on other economies. The dumping of cheap products by China often leads to a decrease in demand for locally manufactured products, causing a negative impact on the local industries of other economies. This can result in countries with already poor economies becoming more crumbled, such as Sri Lanka and Pakistan.
Therefore, many countries are now realizing India as the best option to procure sustainable products. India is constantly burgeoning its sphere in almost every industry, indicating its growth potential in the global market.
Based on 2022 statistics from the Ministry of Commerce and Industry, India has experienced a substantial growth of 61.38 percent in the last three years. The export of toys has increased significantly from US $109 million in FY 2018-19 to US $177 million in FY 2021-22. In comparison, during the year 2013-14, the total shipments were only Rs. 167 crore.
In a tweet, Commerce and Industry Minister Piyush Goyal mentioned that India’s toy exports have significantly increased, indicating the continued success of “Made in India” toys in the global market. He stated that in April-December 2022, India’s toy exports had risen by more than six times compared to the same period in 2013.
The Indian government is taking measures to boost domestic toy production and exports while reducing imports from low-quality countries. By cutting down on imports, India is promoting the principle of ‘vocal for local’, aiming to preserve indigenous products inspired by Indian culture.
To put it simply, toy imports have decreased by 70 percent to Rs. 870 crore in 2021-2022 in India. To further discourage imports, the Indian government increased the import duty on toys from 20 percent to 60 percent in February 2020, and then to 70 percent in 2023. This move aims to promote domestic manufacturers and encourage the growth of the domestic toy industry.
Moreover, the promotion of domestic manufacturers will also enable India to tap into new markets or developing nations, which could challenge China’s dominance in the global toy market. In this way, India could potentially shift the balance of power in the global toy market and lessen China’s influence in the industry.
With country-oriented initiatives like Make in India and Aatma Nirbhar Bharat, Prime Minister Narendra Modi has created an improved business ecosystem. Although these policies initially faced difficulties due to Chinese products being more affordable, India has remained resilient and focused on providing better-quality goods to its people.
It’s time for China to realize that its ‘cheap’ tactics cannot work on all fronts. India has transformed into a country that is no longer passive and subservient. In the present day, even the President of the United States, which is widely considered as a superpower, struggles to capture India’s attention. India is growing in every sphere of success and will soon surpass China in multiple domains.
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