National Action Plan on Toys helped in making high-quality products
Indian toy makers have reported more than US$10 million orders from the five-day international toy fair in Nuremberg, which was held 30 Jan to 3 Feb.
Toy exports increased by 239% to US$325.72 million in Financial Year 2022-23 from US$96.17 million in 2014-15, Commerce and Industry Ministry said, reporting on the latest orders.
Toy imports have declined by 52% to US$158.7 million in Financial Year 2022-23 from US$332.55 million in 2014-15.
The emerging international recognition of ‘Made in India’ toys, is expected to contribute to the increase in exports.
The industry highlighted that the Government Initiatives like mandatory quality norms, increase in custom duty and a National
Action Plan on Toys (NAPT) have helped in the manufacture of high-quality products which have garnered appreciation at the international platform.
According to the toy exporters, buyers from countries such as the US, UK, South Africa, and Germany showed interest in their products and placed a good number of orders.
There were more than 55 participants from India at this year’s Nuremberg Toy Show.
“The Indian toy makers also expressed that the prestigious platform opened the doors for international joint ventures with Indian manufacturing ecosystem gaining global acceptance,” the Ministry said.
“The interest of global players in partnering with the Indian industry has provided an impetus to the domestic manufacturers to enhance their manufacturing capacity for catering both, to the growing international and national market.”
While the domestic manufacturers have already experienced success in Germany, tie-ups with internationally acclaimed big players including Snapdeal and Walmart is in the pipeline, said the Ministry.
“With the consolidated efforts of the Government and Industry, the sector is poised for success in the future.”
Over 2,000 exhibitors from over 65 countries participated the Nuremberg International Toy Fair, one of the world’s largest gatherings for toy manufacturers. Fiinews.com
