Govt.’s Initiatives to Promote the Growth of the Toy Industry
- Toycathon 2021: The GOI launched a joint initiative for the toy makers of India with the Ministry of education, All India Council of Technical Education (AICTE), Ministry of women and child Development (MCWD), Ministry of Commerce and Industry, Ministry of textile, and Ministry of MSME (Micro, Small and Medium Enterprise). The Toycathon 2021, was organized to engage all the toy makers around the nation and exhibit the capabilities of the Indian toy industry in front of the whole world. This initiative aimed to develop more intelligent toys in India with the help of AI.
- Toy Cluster Program: The majority of the toy industry in India falls under the MSME sector and is mainly located on the outskirts of Delhi, Maharashtra and Tamilnadu with some small manufacturers in central India. Thus currently the toy industry in India is quite scattered, so with the help of the toy cluster program, the GOI is planning to streamline the toy sector by taking it to a specific zone for example SEZ (Special Economic Zones). This also benefits the manufacturers to easily export it overseas.
- Atma-Nirbhar Bharat: Under the Atma-Nirbhar Bharat and Make in India scheme of the GOI, the government is planning to build an ecosystem that allows the toy maker of India to completely manufacture toys in India without importing anything. Also through this scheme, GOI is encouraging the netizens to opt for local toys.
With the help of the Make in India scheme, the total imports of toys were reduced by 60%.
Toy Industry in India and its Future
Toys have changed a lot in the last few decades India has observed significant changes in toys from conventional plastic toys to modern-day’s AI-based toys. Similarly, toy manufacturing in India has also observed many ups and downs during this period. However, toy making industry is quite profitable today when compared to it 2-3 decades back. With state-of-the-art technology, nanotechnology, and advanced manufacturing technology, the toys made are quite durable and smart. Also, innovation and technological advancement in the toy industry came up with a larger variety of toys which also increased the total sales volume of toys in India.
The total worth of the Indian toy industry was more than 1.35 billion US dollars.
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