According to the Yamuna Expressway Industrial Development Authority (YEIDA) spokesperson, the toy factories will provide permanent employment to 6,157 people. (representative image)
Noida is all set to emerge as a toy manufacturing hub in India, which has enough potential to challenge China’s thriving toy industry. A total of 134 big industrialists have acquired land to set up their factories at Toy Park in Noida at a cost of Rs 410.13 crore.
According to the Yamuna Expressway Industrial Development Authority (YEIDA) spokesperson, the toy factories will provide permanent employment to 6,157 people. It is worth noting that Prime Minister Narendra Modi last year had called for increasing the country’s share in the global toy business.
After this, Uttar Pradesh Yogi Adityanath decided to build a toy park in Noida and 100 acres of land was earmarked in Sector 33 of Yedda area to promote the industry.
Industrialists were invited to invest in the park and due to the investor-friendly policies of the Yogi government, many big players in the toy business came forward to set up their units in the toy park.
The major national companies that have acquired land in the toy park are: Fun Zoo Toys India, Fun Ride Toys LLP, Super Shoes, Ayush Toy Marketing, Sunlord Apparels, Bharat Plastics, Jai Shree Krishna, Ganpati Creations and RRS Traders.
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According to YEIDA officials, the acquisition of land by major players in the toy industry, such as Fun Ju Toys India and Fun Ride Toys, is highly significant as they can challenge the monopoly of Chinese toy makers.
However, the biggest challenge before the government is that 90 percent of the 4,000 micro, small and medium enterprises in the toy manufacturing business are in the unorganized sector.
According to a government spokesperson, India’s toy industry will be worth Rs 147-221 billion by the year 2024, given the fact that the demand for toys in India is growing at a faster rate than the global rate.
India’s demand is growing at 10-15 per cent, compared to a five per cent annual increase in the global average demand for toys.
However, the fact remains that India currently only exports toys worth Rs 18-20 billion annually due to the presence of the vast majority of manufacturers in the unorganized sector.
India is also unable to compete with foreign players in the toy business, due to the high cost of their products compared to its products, due to its heavy manufacturing cost.
Toy Park in Noida seeks to reduce the cost of manufacturing Indian toys while guaranteeing quality.
The government relies on the use of state-of-the-art technology by manufacturers to produce higher quality, more durable and cheaper than Chinese toys.
Chinese toys are expensive and have a short life. Hence, it is now believed that the demand for Chinese toys will subside as Indian toys will start flooding the markets with toys being manufactured in Noida.
According to people, the demand for Chinese decorative lights and idols of Lord Ganesha and Goddess Lakshmi has declined sharply in recent times during the festival of lights (Diwali) as better quality, cheap and sustainable indigenous products are now available.
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