New Delhi: The Indian toy industry has expanded its global presence to more than 100 countries including the US, the UK, Germany, the Netherlands, Denmark and even China and the next step for the toy manufacturers is to reach international consumers through the effective use of online mediums, a senior official of the Department for Promotion of Industry and Internal Trade (DPIIT) said here on Monday.
In line with the objective of providing an impetus to the growing Indian toy sector, DPIIT organised a “Workshop with Flipkart and Indian Toy Industry” on Wednesday in New Delhi, which played a pivotal role in laying the roadmap for enabling further growth of the toy sector, scaling domestic consumption and upskilling/reskilling workforce.
Addressing a joint workshop of Indian toy manufacturers and e-retail giant Flipkart, Joint Secretary, DPIIT, Sanjiv said: “The success of the Indian toy industry reflects in the enhanced exports, increasing robustness of the manufacturing ecosystem and reduced import dependence.”
The deliberations laid special focus on how the emerging opportunities from the e-commerce marketplace can be leveraged to bolster the growth of the Indian Toy Industry.
Secretary, (DPIIT), Rajesh Kumar Singh while addressing the participants said: “As part of its strong commitment to create a better ecosystem for the toy industry, the government has identified the sector as one of the champion sectors, with a long-term vision to create a global market for ‘Made in India’ toys.
A cohesive approach is being followed by breaking the silos and working with industry in all aspects for enhancing the robustness of the sector.” The workshop organised in collaboration with Flipkart and the Indian Toy Industry helped the domestic toy manufacturers to understand the nuances of online selling, thereby enabling a step further towards building a “Toyconomy”.
According to industry estimates, Indian exports of Toys, Games, and sports articles between 2014-15 to 2022-23 increased by 239 per cent whereas the imports fell by 52 per cent.
Further, the report presented the current market size of the industry is USD 1.7 billion, and expected to reach USD 4 Billion by 2032 with a 10.5 per cent annual growth rate.