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UP takes step to ‘disrupt’ Chinese monopoly in toys industry
The Yamuna Expressway Industrial Development Authority (YEIDA) officials also said that these factories will provide permanent jobs to 6,157 people.
The Uttar Pradesh government on Friday said that Gautam Budh Nagar is poised to become a major toy manufacturing hub with potential to challenge China’s booming toy industry. The government’s confidence is buoyed as 134 big industrialists acquired land at Noida’s Toy Park to set up their factories at a reported cost of around ₹410.13 crore.
The Yamuna Expressway Industrial Development Authority (YEIDA) officials also said that these factories will provide permanent jobs to 6,157 people. The construction of these units will begin soon, according to a statement by the Uttar Pradesh government. Some of the Indian companies that have invested 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.
The YEIDA officials said that companies like Fun Zoo Toys India and Fun Ride Toys are major companies who have the potential to challenge the monopoly of Chinese toy makers. The UP government, however, acknowledges that a massive challenge is to organise the 90% of the 4,000 micro, small and medium enterprises in the toy manufacturing business which are currently a part of the unorganised sector.
The investment by major toy companies also reflects Prime Minister Narendra Modi’s desire to increase the country's share in the global toy business. Chief minister Yogi Adityanath aimed to fulfil that objective by earmarking 100 acres of land in Sector 33 of Yamuna Expressway Industrial Development Authority area to push the industry.
India's toy industry will be worth ₹147-221 billion by the year 2024 and the nation’s demand for toys is rising by 10-15% compared to the 5% global annual growth rate in terms of demand. India, however, faces the issue of the unorganised sector which exports toys worth ₹18-20 billion and also finds it hard to compete with China due to the higher cost of its products compared to theirs.
Noida’s Toy Park aims to address the issue by reducing the cost of manufacturing of Indian toys while guaranteeing its quality. The Uttar Pradesh government claims that the toys that will be manufactured here will be high-quality, more durable and cheaper than the Chinese toys.
