India’s largest Noida Toy Park, which is estimated to attract investment of Rs 1,100 crore, is likely to be commissioned by next year.
Coming up on an area of 100 acres, the Noida Toy Park will not only tap the lucrative domestic toy market, dominated by cheap import from China, but make a global pitch with competitive products.
The ambitious infra project, being anchored by Yamuna Expressway Industrial Development Authority (YEIDA) in Noida’s Sector 33, is coming up in the backdrop of the Indian toy market estimated to double from $1.5 billion to almost $3 billion by 2027-28.
YEIDA has been proactively allotting plots to toy manufacturers in the category of soft toys, electronic toys, wooden toys, ride-on toys, slides, board games, plastic toys, playground equipment toys etc.
Apart from toy manufacturing plants, leading toy and gaming companies viz. Fun Zoo Toys India, Funride Toys LLP etc will also set up their units.
So far, 142 plots have been allotted, of which more than three dozen companies have also signed the land lease deed with the Authority.
Recently, YEIDA chairman Anil Kumar Sagar presided over the launch of projects of toy companies in the Noida cluster.
Meanwhile, Toy Association of India president Ajay Agarwal claimed several of the proposed projects in the Noida Toy Park would be ready for commercial production by next year.
“In the last few years, the import of toys has witnessed a decline while exports from India have gone up,” he noted.
At present, Indian toymakers export to about 50 countries even as China enjoys near dominance in the global toy sector.
Toy exports jumped from nearly $37 million in 2013-14 to $154 million in 2022-23. In fact, Indian toy exports touched a high of $177 million in 2021-22 before sliding to $154 million last year.
Meanwhile, a common facility centre spanning is coming up in the Noida Toy Park, which is expected to generate 6,000 job opportunities.
Earlier, Prime Minister Narendra Modi had exhorted toymakers to brace up for the international market and manufacture quality products.
The Centre has increased the import duty on toys to 70 percent to pare imports and boost domestic manufacturing.
At present, toy manufacturers are primarily located in the National Capital Region (NCR), Maharashtra, Karnataka, Tamil Nadu etc. There are an estimated 4,000 toy manufacturing units in India with the bulk clubbed under the micro, small and medium enterprises (MSME) sector.