New Delhi, July 2: The series of free trade agreements (FTAs) finalised by India, including the ones with the UK and the European Union, will give a major boost to toy exports, according to industry officials.
Under the free trade agreements with the EU and UK, Indian toys will get zero duty access, Toy Association of India Chairman Manu Giota said.
At present, the products face about 5-6 per cent import duty in these two markets.
“These FTAs will catapult us into the major league, he said, adding that these markets account for about 16 per cent of the country’s total toy exports, which stood at USD 0.35 billion in 2024. (pti)
India signed a trade pact with the UK last year, and it will come into force from July 15. The agreement with the 27-nation EU is likely to be signed by December this year and may be implemented next year.
Gupta, who is also the CEO of Playgro Toys India, said that huge investments are coming into the sector due to the business-friendly policies of the Narendra Modi-led government.
Playgro has invested about Rs 82 crore to set up a manufacturing capacity in Ujjain.
The company, he said, has employed about 500 people and the number will be increased to 800 soon. (PTI)
