Lucknow, Oct 28 (KNN) Uttar Pradesh aims to draw over Rs 1,000 crore in net private investment for its first Toy Park in Noida.

Spanning across 100 acres, the park is being developed by the Yamuna Expressway Industrial Development Authority (YEIDA) in Noida Sector 33.

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. 

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

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. 

(KNN Bureau)