ENA Sectors 2023-04-13 16:29:17 <p><span style="font-size:14px"><strong>New Delhi, Apr 13 (KNN)</strong> Major retailers from the United States and Europe have expressed a strong interest in purchasing goods from Indian toy manufacturers and guiding them to comply with their requirements, reported ET quoting a government official.</span></p> <p><span style="font-size:14px">These large retail companies are reportedly interested in procuring a significant quantity of toys from India.</span></p> <p><span style="font-size:14px"><strong><a href="https://bit.ly/3B9mZSj"><img alt="FOLLOW US on GOOGLE NEWS" src="https://knnindia.co.in//uploads/gallery/GoogleNews.jpg" style="border-style:solid; border-width:1px; height:95px; margin:1px; width:299px" /></a></strong></span></p> <p><span style="font-size:14px">The Department for Promotion of Industry and Internal Trade (DPIIT), which is taking a series of steps to promote domestic manufacturing of toys, is also helping the Indian manufacturers tie up with the global players to meet their compliance provisions and increase exports from India. </span></p> <p><span style="font-size:14px">Manu Gupta, promotor of Playgro Toys India and Chairman of Toy Association of India, said that a US-based retailer has approached the industry to procure toys in three main categories including ride-on and outdoor toys and mechanical and electrical toys - worth USD 400 million. </span></p> <p><span style="font-size:14px"> To meet the social compliances, they are ready to do hand-holding, upskilling and reskilling of the existing workforce of Indian toy makers to improve their efficiencies. It would also help us in meeting standards of global companies, Gupta said. </span></p> <p><span style="font-size:14px">As per reports, around 82 Indian toy companies have agreed to become part of this exercise. </span></p> <p><span style="font-size:14px">Highlighting the challenges faced by the industry, Gupta said the sector is facing certain issues pertaining to demand slowdown in global markets and promotion of Indian brands. </span></p> <p><span style="font-size:14px"> The government can help us in promoting brands as it is a long process to establish a name, he said. </span></p> <p><span style="font-size:14px">Indias toy exports touched Rs 1,017 crore during April-December 2022-23. In 2021-22, the exports stood at Rs 2,601 crore. During April-December 2013-14, the shipments were at Rs 167 crore. </span></p> <p><span style="font-size:14px">The overall import of toys in India reduced by 70 per cent to Rs 870 crore in 2021-22. <em><strong>(KNN Bureau)</strong></em></span></p> 32971 https://knnindia.co.in/news/newsdetails/sectors/leading-global-toy-firms-approaching-indian-manufacturers-for-sourcing-goods-official 2023-04-13 16:29:17 knnindia.co.in