New Delhi, July 4 (SocialNews.XYZ) Union Minister of Commerce and Industry Piyush Goyal on Saturday asked domestic toy manufacturers to capitalise on expanding global market access and target a 10-fold increase in exports over the next four years, while assuring the industry that the government will not dilute mandatory quality standards.
Addressing the 17th edition of Toy Biz International B2B Expo here, the minister said the Quality Control Orders (QCOs) for toys would continue as they have helped improve product quality, curb sub-standard imports and strengthen the domestic manufacturing ecosystem.
"I can assure you that until I am there, no one will remove QCOs. QCO will be there. We will also protect you from unfair dumping from any nation," the minister said.
Goyal also clarified that the transition mechanism was introduced only to facilitate investments and scale up manufacturing for a limited period and did not, in any way, weaken the existing quality regime.
In addition, the minister said India's toy industry has made significant progress over the last few years but still accounts for barely 0.2-0.3 per cent of the estimated $120-billion global toy market.
Noting that toy exports have surged 239 per cent in the last four years, he said the industry should now aim to increase overseas shipments by 10 times over the next four years.
Goyal also urged manufacturers to make full use of India's growing network of free trade agreements (FTAs), saying nine such pacts signed over the last three-and-a-half years have opened doors to 38 countries.
He asked the industry to actively engage with retailers, supermarkets, e-commerce companies and local businesses in FTA partner countries to establish a stronger global presence for Indian toy brands.
On the trade front, the minister said the proposed India-New Zealand free trade agreement is expected to become operational this year.
He added that negotiations are also progressing with Canada, the Gulf Cooperation Council (GCC), Mexico and Brazil to expand India's export opportunities.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
