According to Yamuna Expressway Industrial Development Authority (YEIDA), the toy manufacturers would employ 6,157 people on a permanent basis. Last year, Prime Minister Narendra Modi appealed to manufacturer’s build India’s share of the global toy market to be increased.
Noida is poised to become India’s toy production powerhouse, with the ability to compete with China’s burgeoning toy sector. At a cost of ₹410.13 crores, 134 major manufacturers have purchased land at Noida’s Toy Park to build their companies. According to a spokeswoman for the Yamuna Expressway Industrial Development Authority (YEIDA), the toy manufacturers would employ 6,157 people on a permanent basis.
To the clarion call of Prime Minister Narendra Modi last year for increasing India’s share in the global toy manufacturing, Uttar Pradesh Chief Minister Yogi Adityanath decided to build a Toy Park in Noida, and 100 acres of land in Sector 33 of the YEIDA region was set aside to encourage the sector. Industrialists were asked to invest in the park, and as a result of the Yogi government’s investor-friendly policies, numerous major toy companies expressed interest in establishing units at the Toy Park.
Fun Zoo Toys India, Fun Ride Toys LLP, Super Shoes, Ayush Toy Marketing, Sunlord Apparels, Bharat Plastics, Jai Shree Krishna, Ganpati Creations, and RRS Traders are among the major national firms that have purchased property at the Toy Park. The acquisition of property by key participants in the toy business, such as Fun Zoo Toys India and Fun Ride Toys, is very significant, according to YEIDA officials, since it allows them to challenge the monopoly of Chinese toy producers.
The government’s largest difficulty, however, is that 90 per cent of the 4,000 micro, small, and medium companies in the toy manufacturing industry are unorganized. According to a government official, India’s toy sector would be valued at Rs. 147-221 billion by 2024, owing to the fact that toy consumption in India is growing at a higher rate than globally. In contrast to the global average of 5% yearly growth in toy demand, India’s demand is expanding by 10-15% annually.
However, due to the existence of the great majority of producers in the unorganized sector, India now only exports toys around Rs 18-20 billion yearly. In the toy sector, India is likewise unable to compete with global manufacturers due to the greater cost of its products compared to theirs, owing to its exorbitant production costs. The Toy Park in Noida aims to lower the cost of making Indian toys while maintaining their quality.
To develop high-quality, more durable, and less expensive toys than Chinese toys, the government is leaning on businesses to employ cutting-edge technologies. Chinese toys are both costly and short-lived. With the new developments, it is now expected that demand for Chinese toys would decline as Indian toys will start hitting the market soon.
As stated by many retailers, during Diwali – the festival of lights, the demand for Chinese ornamental lights and Lord Ganesh’s and Goddess Lakshmi’s idols have fallen dramatically since higher quality, cheaper, and more lasting indigenous items are now available across the country.
