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Union Budget 2025: How India plans to become a global toy hub
Budget 2025: Toys have always held a special place in every child's heart, but finding ones that both kids and their parents are happy with can be a challenge. Good-quality toys often come with a hefty price tag, while cheaper alternatives may not meet the expectations. However, the Indian government has recognised the need for a change and is working towards transforming the toy sector into a global leader.
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In her Union Budget 2025 speech, Finance Minister Nirmala Sitharaman announced measures to make India a hub for toys. «We will implement a scheme to build a national action plan for toys, focusing on the development of clusters, skills, and a manufacturing ecosystem. This will help create high-quality, unique, innovative, and sustainable toys that represent the 'Made in India' brand,» she said.
Over the past few years, India has made significant strides in reducing its reliance on Chinese toys. Thanks to increased tariffs and stricter quality controls, the country has slashed toy imports from China by an impressive 80%. Between FY20 and FY24, India raised the customs duty from 20% to 70%, and enforced the Quality Control Order (QCO), which sets safety standards for all toys. The results are clear: In FY20, India imported $235 million worth of Chinese toys, a number that has now plummeted to just $41 million by FY24. India has even become a net exporter of toys, marking a major turning point for the industry.
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How chronic illness became a starting point for artistic alchemy for Koshy Brahmatmaj
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Even at $5 trillion, Nvidia is underappreciated
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markets
Digital
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RK Swamy bets on integrated advertising model as global agency giants split media and creative
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IPO
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21.05 / 09:47
markets
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FPIs exit Korea & Taiwan: Is India ready for the flow rotation?
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PI Industries’ weak core business keeps investors on edge
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‘Should I Marry a Murderer?’ has left audiences stunned but what they saw wasn’t all that bizarre
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Secured credit cards: Unlocking credit and building a credit score for millions
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Forensic audits support corporate-fraud probes and IBC cases but still lack enforceable standards
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UPS
Manufacturing
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Why Dixon, Syrma and Kaynes are moving beyond smartphones: margin pressure
Subscribe to enjoy similar stories.MUMBAI: India’s listed electronics manufacturers are under pressure to defend profitability as the mobile-phone assembly boom slows, prompting a shift towards higher-value industrial electronics.Investors remained jittery through the last fiscal, driven by concerns that slowing consumer sentiment could weigh on the rapid growth that electronics manufacturing services (EMS) firms have delivered so far.In an interview with Mint, Jasbir Singh Gujral, managing director of Syrma SGS Technology Ltd, India’s second-largest listed EMS firm, said, “We’re increasingly looking to capture a larger chunk of contracts from defence, aerospace and med-tech verticals, all of which represent opportunities for original design manufacturing, and also bring significantly higher margins. We’ve already started this transition, and we plan to do more of it this fiscal.”Beyond mobile phones and laptops, EMS firms are expanding into smart metres for electricity boards, aerospace and defence subsystems, railway safety instrumentation, printed circuit boards and display assemblies, and medical devices deployed in hospitals.India’s annual mobile phone shipments have remained subdued since the covid-19 pandemic, with industry estimates pointing to a single-digit decline this calendar year from 152 million smartphones shipped last year.The margin pressure driving this shift is increasingly visible.In FY26, Syrma SGS reported an operating margin of 7.1%, up 2.3 percentage points.
