Lucknow: At least 134 producers have completed land acquisition in Toy Park upcoming in Noida with a combined investment of RS 410 Crore in the project.
The Yamuna Expressway Industry Development Authority (Yeida) said that the toy factory is expected to provide permanent work to 6,157 people.
The main national companies that have obtained land in garden toys including fun toy zoos, fun toys, super shoes, ayush marketing toys, Sunlord clothes, plastic Bharat, Jai Shree Krishna, traders Ganpati and RRS.
A government spokesman said that this project would help increase the position of India in this sector to make potential challenges for the China toy industry.
The government has allocated 100 hectares in the sector 33 of Yeida for this project.
“Local manufacturing will reduce the cost of toys while guaranteeing quality.
Advanced technology will be used by producers to produce high-quality, durable and cheaper toys than China.
When Indian toys began to flood the market, demand for Chinese toys will decrease,” he said.
In accordance with Yeida, the acquisition of land by the main players in the toy industry like a fun zoo toy and pleasant toys is important because they can challenge the monopoly Chinese toy maker.
“However, the biggest challenge in front of the government is that of the 4,000 micro, small and medium enterprises involved in the toy manufacturing business, 90% are in an unorganized sector.
It is estimated that by government encouragement to the toy industry, these players can enter the formal market , “said the spokesman.
According to data distributed by the government, the Indian toy industry will be worth RS 14,700-Hospital 22,100 Crore in 2024.
Against the 5% global average in increasing toy demand, Indian demand increases by 10-15%.
However, India is currently exporting toys worth 1,800-2,000 crore.
“India also cannot compete with foreign players in the toy business because the product costs are higher than them, because of the massive manufacturing costs,” said the spokesman.