Govt Forms Task Force for Toy Sector, Targets 5 percent Share in Global Market by 2032

New Delhi, Jul 28 (KNN) The Government has announced the formation of a task force to support the toy sector and set a target of increasing India's share in the global toy market to 5 percent by 2032.

The task force will focus on manufacturing, global value chain integration, skill development, design and innovation, value chain bottlenecks and ease of doing business.

Union Minister of Commerce and Industry Piyush Goyal announced the initiative during the stakeholder meeting, "Team Up for Toys: Driving SCALE, Innovation and Exports," organised by the Department for Promotion of Industry and Internal Trade (DPIIT) in New Delhi.

The Minister also launched the Toy Sector Playbook, which provides guidance on manufacturing ecosystems, value chains, standards and compliance, skill development, product innovation, intellectual property, exports and market opportunities for manufacturers, startups, MSMEs, investors and entrepreneurs.

According to DPIIT, India's toy ecosystem comprises more than 21,000 MSMEs, over 770 DPIIT-recognised toy startups, nearly 50 toy clusters and more than 1,800 BIS licensees.

Stakeholders discussed measures to strengthen manufacturing, local supply chains, design and innovation, quality standards, skilled manpower, exports, investments and India's participation in global toy value chains.

(KNN Bureau)