Huge demand for Indian toys, makes manufacturers scale up production; Now eyeing global markets
The good news is, “Made in India toys” have captured the domestic markets and manufacturers are increasing production to meet the local as well as international demand. The 2 day All India Toys expo was inaugurated today by Mr Ajay Agarwal, President, Toy Association of India in the presence of Mr Santosh Kumar, President, The Tamilnadu Toy Dealers Association{TTDA } and other important officials from TTDA.
The Government policies such as increasing customs duties on imported toys and mandating BIS certification requirement for imports not only boosted domestic manufacturing but also helped the industry to explore global markets and enhance exports. A joint report by FICCI and KPMG the toy market in India currently at Rs 15000 crore is expected to double to Rs 30000 crore by 2024- 25
.
According to Mr Ajay Agarwal, President, Toy Association of India. the GOI has clearly given direction to the Indian Toy market which is growing at over 12%.There are 4 to 5 lakh Artisans involved in making toys as part of the cottage industry. There are 4000 toys manufacturing units in India made up of 75% Micro Units, 22% SME’s and 3% large players.
He added 3 years ago 80% of Toys were imported; today the scenario has changed completely. The import has dropped dramatically from USD 304 million in 2018-19 to just 36 million in 2021-22, these are data provided by the Ministry of Commerce and Industry.
The key regions for the toys market are Maharashtra which dominates, followed by Tamilnadu, Karnataka, Gujarat, Delhi and other small pockets.
Mr Santosh Kumar, President, Tamil Nadu Toys Dealers Association says educational toys are the most wanted. This is to enhance experimental learning among children. The Toys market has brought good cheer to all those connected with this important industry and we look forward to a great future.
___________________