If the traditional toy industry becomes self-sufficient, the country’s economy will be strong and China will get a big blow

Prime Minister Narendra Modi has stressed the need to give wooden toys a global platform to promote the traditional toy industry. PM Modi has shot two targets with one stone. If the traditional toy industry becomes self-sufficient, then the country’s economy will be strong, but it will prove to be a big setback for China. The country’s toy market currently stands at US $1.7 billion. Toys worth $1.2 billion are imported, with most being sourced from China.

Key things related to the toy industry

• 6,624 billion crore rupees worldwide toy business
• India has a turnover of over 125 billion
• More than 88 billion toys are imported
• 85 percent of toys come from China, 15 percent are sourced from Malaysia, Germany, Hong Kong and America etc.
• China exports 1,472 billion rupees toys
• 5 percent global share in India’s toy industry

There are more than four thousand toy-making units in the country. Out of these units under micro, small and medium industries, 90 percent are unorganized and this is their biggest weakness in the country. According to an estimate, by 2024, India’s toy industry will be worth 147-221 billion rupees. While the worldwide demand of toys is increasing by an average of about five percent every year, the demand of India is 10-15 percent.

Talking about exports, only 18-20 billion rupees of toys are exported. While toy manufacturers are unorganized in India, the quality of toys is also a big challenge. Due to the high cost of manufacture, Indian toys are unable to compete with imported toys in their own market. In such a situation, it is important that steps should be taken to reduce the cost of toys.

Wooden toys: Not long ago, around the year 1990, wooden toys were sold from east to west of the country and from north to south. They were a bit expensive, but their beauty was captivating. Meanwhile, cheap and light toys entered the Indian market. Prices of wood and natural colors started rising. This had an impact on toy manufacturers. Production began to decrease. Artisans started getting unemployed and on seeing the 90% Indian market got flooded with imported toys.

Wooden toys that attract the attention of passengers are no longer visible at many stations in Uttar Pradesh’s Varanasi and Saharanpur, Madhya Pradesh’s Bhopal and Jabalpur, South India’s Karnataka and Tamil Nadu, etc. With this initiative of PM Modi, thousands of artisans making wooden toys are expected to return to the old days, but this industry will have to be organized for this. Mechanization will not only work, but the supply cheap of raw materials and the market will also have to be arranged. Only then the India’s toy industry will be able to compete with Chinese toys and set foot in its market.