PM Modi in his latest radio talk also put an emphasis on local toys production. As of now, China dominates Indian toy industry with a share of almost 75 % products. In the 68th edition of his monthly radio program, Mann Ki Baat, the Prime Minister has called upon the toy industry in the country and urged startups to team up and make toys for the entire world indigenously as “India has the talent and the ability to become a toy hub.” He also said that the new National Education Policy focuses on toys for children to nurture their creativity and innovation quotient."
Prime Minister Narendra Modi's call to increase India's share in the world toy manufacturing has motivated the traders who are now looking at better incentives from the government.
Welcoming this move, Mr. Nevil Patel, Director-Orpat-Ajanta Group said that "In light of the recent ‘Mann Ki Baat’ session, PM Modi encouraged the manufacturing of toys in India. A great move indeed as the toy market in India is huge and the toys that come to our country from abroad are of low-quality. Despite the pandemic the demand for toys in India has increased exponentially and to cope up with this rise we should start manufacturing them. Orpat aims in building a child’s future by giving them educational and futuristic toys and making them smart and creative. We wish to grow with these kids and stay with them for their whole life as a family”.
China controls 40 percent of the toy export in terms of value whereas Indian production is less than half a percent. However, local traders have a few demands to be met which include ready to move in factories which are commonly available world over, secondly to have design and innovation centers which is key to the success of any toy. Thirdly, they want from the government to follow some compliances for hand-holding in this matter.
A leading Indian toy brand Funskool’s CEO Mr. R. Jeswant said that “The PM’s speech focused more on the Indian toy sector and this will definitely give a fillip to domestic toy manufacturing companies. The world toy market is estimated to be $90 billion, and India has a share of only 0.5%. We see a great opportunity for Indian toy manufacturers to grow by leaps and bounds in the coming future. The compulsory BIS certification with effect from September 1, 2020 as per the Toys (Quality Control) Order, 2020 will ensure the safety and quality of toys on par with international standards. We are studying the market to understand and analyze the recent trends in order to diversify our production base with a wide range of offerings for children of all age groups. Funskool’s exports have grown exponentially following a surge in sourcing by international majors. However, the domestic volume was impacted by the pandemic. Currently, the company exports about 60% of its production. Going forward, as the impact of the pandemic is bound to wane, we expect the domestic market also to pick up and the domestic production & sales could catch up with exports”.
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