Government measures such as a phased manufacturing program, the implementation of a dedicated policy and the simplification of mandatory compliances will help promote the country’s toy industry, according to a report.
The Ficci-KPMG report also suggested the development of toy design centers, with an emphasis on R&D to encourage innovation; take advantage of the National Education Policy 2020 to push local artisans and increase the number of laboratories for the toy sector.
India’s toy market, which is currently estimated at $ 1 billion, presents an opportunity for ‘2x’ growth by 2025, he said, adding that India could aim for a 2% share of exports. worldwide by 2025.
There is high growth potential for India in exports of plastic toys and board games to the United States, the EU and the Middle East, among other markets, the report notes.
He also said that the need to reduce supply chain risks has given India another opportunity to embrace its heritage and inherent advantages in skills and technology to become a global player in the industry. .
” Toy categories such as dolls, soft toys, babies and infants and preschoolers are labor intensive with good potential for manufacturing capabilities in India and easy to penetrate the export market, with the exception of items that require decorations and similar value additions where the productivity levels are significantly lower (30-40%) than in China, âhe said .
India has limited manufacturing capacity for battery-powered, electronic and tech toys, but can be expanded in the medium to long term, the report adds. ” The labor-intensive sub-segments constituting 50-60 percent of the toy market can expand immediately in India, giving a surge of indigenization to these segments, which could, therefore, provide a huge boost to job creation. There is also significant scope for gross value added growth with the inclusion of unregistered units in India, ” the report says.
(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)