India emerges as new toy manufacturing hub for global brands
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India's toy industry has seen a significant surge between FY15 and FY23, with exports skyrocketing by 239% and imports dropping by 52%. This shift has transformed India into a net exporter of toys. Factors such as mandatory Bureau of Indian Standards (BIS) approval for toy sales, protectionism, increased customs duty, and the China-Plus-One strategy have contributed to this boom. Major global brands are now relying more on India for sourcing their products.