Key Talks on July 8 to Explore Opportunities and Challenges in India's Toy Sector

ENA Sectors 2024-07-08 17:42:32 New Delhi, Jul 8 (KNN) In a significant move to bolster India's toy manufacturing sector, government officials and industry leaders are slated to hold crucial talks on July 8. The meeting, organised by Invest India in collaboration with the Toy Association of India, aims to explore strategies for enhancing domestic production and increasing toy exports. The discussions will focus on examining emerging opportunities and regulatory developments in the toy sector, formulating plans to establish India as a global toy manufacturing hub, and developing methods to integrate Indian toy manufacturers into the global supply chain. Naresh Kumar Gautam, Senior Vice-President of the Toy Association of India, highlighted the government's proactive stance in supporting the industry. The government has already implemented several measures to stimulate growth in our sector, Gautam stated. Coinciding with these discussions, an international toy fair is being held from July 6-9 at Pragati Maidan in New Delhi. The event will showcase products from over 400 domestic toy manufacturers and is expected to attract more than 150 foreign buyers from 35 countries. Gautam emphasised the fair's importance, noting that Prime Minister Narendra Modi's mention of the toy industry in his 'Mann ki Baat' address has provided additional impetus to the sector. The toy industry in India has seen remarkable growth in recent years. Exports have surged by 240 per cent since 2014, while imports have declined by 52 per cent during the same period. The sector also plays a crucial role in employment, with women constituting approximately 70 per cent of the workforce. In a move to further strengthen the industry, construction has begun on what is set to become India's largest toy manufacturing cluster in Noida. About 150 entrepreneurs have already secured land for setting up toy production units, Gautam revealed. We anticipate numerous factories to commence operations in the near future. The upcoming 'Toy Industry CEOs Meet' on July 8 will see participation from senior officials of the Department for Promotion of Industry and Internal Trade (DPIIT), Invest India, and key industry stakeholders. This collaborative effort underscores the government's commitment to nurturing the toy manufacturing sector and positioning India as a major player in the global toy market. (KNN Bureau) 38520 https://knnindia.co.in/news/newsdetails/sectors/key-talks-on-july-8-to-explore-opportunities-and-challenges-in-indias-toy-sector 2024-07-08 17:42:32 knnindia.co.in Key Talks on July 8 to Explore Opportunities and Challenges in India's Toy Sector