Customs Duty Revisions To Boost India's Electronic Toy Manufacturing Sector: Budget 2025
(MENAFN- KNN India)
New Delhi, Feb 1 (KNN) Finance Minister Nirmala Sitharaman announced ambitious plans to transform India into a global toy manufacturing hub in her Union Budget Speech 2025-26.
The government unveiled a comprehensive scheme building upon the existing National Action Plan for Toys.
The new initiative aims to develop specialised manufacturing clusters and enhance skill development programs to create an ecosystem that supports the production of high-quality, innovative toys.
"Our focus will be on developing sustainable toys that proudly represent the 'Made in India' brand on the global stage," stated Sitharaman during her budget presentation.
In a significant move to boost domestic toy manufacturing, the government has revised customs duty structures for electronic toy components.
Parts falling under tariff item 9503 00 91 will now attract 20 per cent Basic Customs Duty (BCD) plus 7.5 per cent Agriculture Infrastructure Development Cess (AIDC), modified from the previous rate of 25 per cent BCD plus 2.5 per cent Social Welfare Surcharge (SWS).
This policy shift is expected to strengthen India's position in the global toy market while promoting indigenous manufacturing capabilities and creating new employment opportunities in the sector.
(KNN Bureau)
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