UP plans to attract pvt investment of more than Rs 1,000 crore in Toy Park


Uttar Pradesh plans to attract net private investment of more than Rs 1,000 crore in its upcoming maiden Toy Park in Noida.

While the proposed manufacturing hub is expected to be ready by next year, leading toy manufacturing and gaming firms, including Fun Zoo Toys India, Funride Toys LLP, have lined up for captive plants.

The Toy Park, estimated to create over 6,000 jobs in UP, will also challenge the virtual monopoly enjoyed by Chinese companies in the domestic toy market and boost socioeconomic growth, a government spokesperson said. The move would promote the labour-intensive micro, small, and medium enterprises segment in UP, he said.

The Indian toy market is estimated to double to $3 billion by 2027-28, from $1.5 billion now. Although Indian toymakers export to nearly 50 countries, China enjoys near dominance in the global toy sector.

In the past few years, the import of toys in India has witnessed a steady decline while the toy exports from India have surged. Toy exports increased from $37 million in 2013-14 to $154 million in 2022-23. Indian toy shipments touched $177 million in 2021-22 before declining to $154 million last year.

Spanning across100 acres, the park is being developed by the Yamuna Expressway Industrial Development Authority (YEIDA) in Noida Sector 33.

To accelerate the toy manufacturing hub, YEIDA is allotting plots to toy makers in different categories, such as soft toys, electronic toys, wooden toys, ride-on toys, slides, board games, plastic toys, and playground equipment toys.

So far, about 150 plots have been allotted, of which 35-40 companies have signed the land lease deed with the authority.

Earlier, Toy Association of India President Ajay Agarwal had said several under-construction plants in the Noida Toy Park would be ready for commercial production within next year.

Even Prime Minister Narendra Modi exhorted domestic toymakers to tap the international markets by manufacturing appealing and quality products.

To promote the sector, the Centre increased import duty on toys to 70 per cent to pare imports and boost domestic manufacturing.

At present, toy makers are primarily located in the National Capital Region (NCR), Maharashtra, Karnataka, Tamil Nadu, etc. There are an estimated 4,000 toy manufacturing entities in India with the bulk of the units clubbed under the MSME sector.

First Published: Oct 27 2023 | 5:47 PM IST


Source link

Related Articles

Back to top button