Indian toy traders, retailers, wholesalers and manufacturers have joined hands to form a body, the All India Toys Federation (AITF), to raise their voice against the hike of import duty on toys.
“The import duty on foreign toys is a direct attack on the development of Indian children, denying them the right to play, learn and grow. Our current manufacturing capabilities can only support 15 per cent of demand for toys - the remaining 85 per cent comes through imports. The hike in import duties on toys in this year's budget can make them unaffordable for our customers,” said Farooq Shabdi, President of United Toys Association (UTA).
The UTA and other 24 toy associations from all over India have so far joined the ranks of the All India Toys Federation (AITF).
“We aim to raise a voice against the levy of import duty, BIS order by the government and the betterment of our industry as a whole,” said Abdullah Sharif, Vice President of AITF.
More toy associations are joining this umbrella organisation.
AITF will have trade representatives at different locales across the country.
The toy industry is projected to grow to $3.3 billion by 2024, driven by a huge consumer base. It is, however, going through a challenging phase - the global slowdown, stagnant domestic demand and tariffs - and traders, retailers, wholesalers and manufacturers are incurring massive losses.