Making a global pitch, the Uttar Pradesh government is bracing up to challenge the dominance of Chinese toymakers in the domestic and export markets.
The state is setting up a mega Toy Park spread over 100 acres in Noida, which will feature manufacturing units of leading toymakers and gaming companies.
The state has estimated to attract private investment to the tune of Rs 1,000 crore in the Toy Park, which will generate job opportunities totalling more than 6,000.
The Toy Park in Sector 33 of Noida will boost the Micro, Small and Medium Enterprises (MSME) sector.
The proposed hub is likely to be commissioned next year. While Indian toymakers export to about 50 countries, China is the dominant player in the global arena.
According to estimates, the Indian toy market will double from the current level of US$1.5 billion to $3 billion by 2027-28. There are nearly 4,000 toy manufacturers in India operating under the MSME umbrella.
Indian toy exports jumped from $37 million in 2013-14 to $154 million in 2022-23.
Earlier, Prime Minister Narendra Modi called upon Indian toymakers to leverage the global toy market and manufacture quality and innovative products.
The Centre has increased import duty on toys to 70 percent to pare imports and boost domestic manufacturing. Toy manufacturers are predominantly located in the National Capital Region (NCR), Maharashtra, Karnataka, Tamil Nadu etc.