DPIIT holds talks with the Indian toys industry, discusses growth opportunities and challenges

financialexpress.com:

Ease of Doing Business for MSMEs: The Indian government held discussions, on Saturday, bringing together key domestic and international players in the toy industry in India to promote and explore opportunities in the Indian toy sector, as reported by the Press Trust of India.

The Department of Promotion of Industry and Internal Trade (DPIIT) organised the meeting in collaboration with the Toys Association of India. 

The session was chaired by the DPIIT Secretary Rajesh Kumar Singh, in the presence of domestic toy manufacturers, retailers, government officials, and the members of the Toy Association. During his address, Singh highlighted that India has a population of 350 million individuals under the age of 15, reflecting the immense potential of the domestic toy industry. He also emphasised the need for safe and high-quality toys in the country.

Also read: Indian toy industry grows 316 per cent in the last nine years: Ministry of Commerce and Industry 

According to the government’s statement, the toy industry has experienced a growth of 240 per cent since 2014, while the imports have decreased by 52 per cent during the same period. 

The industry discussed the progress made so far, and the challenges overcome for growth. The event saw participation from over 50 domestic manufacturers such as Playgro, Sunlord, Micro-Plastics, Aequs, Funskool, and Dream-Plast. According to  Manu Gupta, Chairman of the Toys Association of India, there are over 9,600 registered MSME toy manufacturing units and eight GI (Geographical Indication) toy clusters in India. 

Also read: Udyam and CGTMSE collaborate to exchange MSME data

According to data from the Ministry of Commerce and Industry, Indian toy exports have been increasing year