Constituent policy

Policy Framework, Uniform GST Rate on Toy Industry Budget 2022 Wishlist, Retail News, ET Retail

New Delhi: Finance Minister Nirmala Sitharaman will present the Union Budget for 2022-23 on February 1 in Parliament. Prior to the budget, the toy industry announced its expectations, which include an industry blueprint, a policy framework and a uniform GST rate.

“The toy industry is calling for a staged manufacturing plan to ensure the holistic development of the raw material supply and component ecosystem and the simplification of multiple TPS rates into one,” said Vivek Jhangiani, Chairman of the Federation of Indian Chambers of Commerce and Industry (FICCI) Toy Sector Committee.

Jhangiani also said the budget should offer capital investments to MSMEs to increase production, skills, innovation and the supply of toy-based engineering goods.

Bhavesh Somaya, co-chairman of the toy sector committee, FICCI, concurring in the expectations of the 2022 budget, said: “A reduction in import duties on raw materials from global supply chains that go into the manufacture of toys and games and a uniform GST rate policy for toys will support the domestic sector which is still at a very nascent stage.

Calling for a strong policy framework, Somaya said an appropriate fiscal framework and policy roadmap will help promote the accessibility, availability and affordability of toys. Jhangiani also said a well-designed policy framework will increase India’s toy manufacturing and export capabilities while continuing to be a major job generator.