Synopsis
Prime Minister Narendra Modi has underscored the significant impact of government initiatives in the toy manufacturing sector, enhancing India's pursuit of Aatmanirbharta and promoting traditional craftsmanship. The Indian toy industry has expanded globally, with exports surging and imports declining, showcasing the sector's robust growth.Key Takeaways
- Aatmanirbharta is being advanced through toy manufacturing.
- Indian toy exports increased by 239% from 2014-2023.
- The market size of toys is projected to reach $4 billion by 2032.
- Government initiatives are fostering a better ecosystem for toy production.
- Collaboration with e-commerce platforms like Flipkart is crucial for growth.
New Delhi, Jan 20 (NationPress) Prime Minister Narendra Modi emphasized that the government's efforts in the toy manufacturing industry have significantly advanced India's pursuit of Aatmanirbharta and celebrated both traditions and entrepreneurship.
“During one of the #MannKiBaat episodes, we discussed enhancing toy manufacturing, and through collective efforts across the nation, we've made remarkable progress,” the Prime Minister shared on X.
“Our advancements in this sector have propelled our quest for Aatmanirbharta and brought attention to our traditions and entrepreneurial spirit,” he stated.
The Indian toy sector has now broadened its global reach to over 100 countries, including the US, UK, Germany, Netherlands, Denmark, and even China, which previously accounted for significant toy imports, a senior official from the Department for Promotion of Industry and Internal Trade (DPIIT) noted.
Demonstrating a strong commitment to cultivating a better environment for the toy industry, the Government of India has recognized this sector as a champion sector, with a vision to establish a global market for ‘Made in India’ toys.
Industry estimates reveal that India’s exports of toys, games, and sports equipment surged by 239 percent from 2014-15 to 2022-23, while imports dropped by 52 percent.
Moreover, the current market size of the industry stands at $1.7 billion, with projections suggesting it will grow to $4 billion by 2032 at an annual growth rate of 10.5 percent.
Speaking at a joint workshop attended by Indian toy manufacturers and e-retail leader Flipkart, Joint Secretary of DPIIT, Sanjiv Singh, remarked, “The success of the Indian toy sector is reflected in the growing exports, strengthened manufacturing ecosystem, and diminished reliance on imports.”
To further support the expanding Indian toy industry, DPIIT has been conducting workshops with e-commerce giants like Flipkart to capitalize on the emerging opportunities within the e-commerce marketplace to enhance growth.
Additionally, the government has been encouraging toymakers to showcase their products at trade fairs such as IITF 2024 in Delhi, which has already received positive feedback.
