NEW DELHI: India’s toy manufacturing industry has witnessed remarkable growth, aligning with the nation’s Aatmanirbhar Bharat (self-reliant India) initiative. Prime Minister Narendra Modi emphasized this progress, stating that collective efforts have significantly advanced the sector, promoting self-sufficiency and revitalizing traditional enterprises.
The government’s focus on the toy industry stems from its potential to bolster the economy and preserve cultural heritage. In a 2020 “Mann Ki Baat” address, Prime Minister Modi urged startups and entrepreneurs to be “vocal for local” in the toy sector, highlighting India’s rich traditions and cultural narratives as a foundation for innovative toy production.
Recent data underscores the industry’s rapid expansion. The Indian toy market is among the fastest-growing globally, projected to double by 2028 with a compound annual growth rate (CAGR) of 12%. This growth is attributed to increased domestic manufacturing and a reduction in import dependency. The sector comprises over 4,000 manufacturing units, with approximately 75% classified as micro-enterprises, 22% as small and medium-sized, and 3% as large-scale operations.
The “AatmaNirbhar Toys” campaign, launched by the government, aims to celebrate and promote Indian-made toys that reflect the nation’s traditions, culture, and heritage. This initiative encourages the production of toys based on Indian mythological stories and characters, fostering a sense of pride and ownership among consumers.
For more insights, Click “Our strides in the toy manufacturing sector have boosted our quest for Aatmanirbharta and popularised traditions and enterprise”
Despite these advancements, challenges remain. Structural issues such as stringent business regulations and high tariffs can impede small industrialists from investing in sectors like toy manufacturing. Addressing these barriers is crucial to sustaining growth and ensuring the global competitiveness of Indian-made toys.
The strides made in India’s toy manufacturing sector not only contribute to economic growth but also play a vital role in preserving and popularizing the country’s rich traditions and entrepreneurial spirit. As the industry continues to evolve, it stands as a testament to India’s commitment to self-reliance and cultural pride.
Source: PIB, NEW DELHI
Web Team, C6N
