New Delhi, Feb 6: Indian toy makers, who participated in the five-day international toy fair at Nuremberg in Germany, claim to have received huge orders worth more than $10 million, the Union Commerce Ministry said on Monday.
According to the toy exporters, buyers from countries such as the US, the UK, South Africa and Germany showed interest in their products and placed a good number of orders at the fair that concluded on February 3. There were more than 55 participants from India this year who showcased their products.
The Indian manufacturers at the Nuremberg International Toy Fair stated that there was a considerable shift in the buyers’ approach and behaviour. India is now being recognised as a lucrative alternative sourcing destination as high-quality products are being rolled out after Prime Minister Narendra Modi launched the Toyeconomy policy.
The Indian toy industry highlighted that the government Initiatives like mandatory quality norms, increase in Customs duty and a National Action Plan on Toys (NAPT) have helped in the manufacture of high-quality products, which have garnered appreciation at the international platform.
The Indian toy sector is growing at a healthy rate and competing with global players. Among the most popular categories at the fair were those pertaining to wooden toys and educational learning toys.
The Indian toy makers also said that the prestigious platform opened the doors for international joint ventures with the Indian manufacturing ecosystem gaining global acceptance.
The interest of global players in partnering with the Indian industry has provided an impetus to the domestic manufacturers to enhance their manufacturing capacity for catering both to the growing international and national market.
The emerging international recognition of ‘Make in India’ toys is expected to contribute to the increase in exports.
A substantial decrease of 52 per cent in overall import of toys from $332.55 million in FY 2014-15 to $158.7 million in FY 2022-23 and increase of 239 per centin the export of toys from $96.17 million in FY 2014-15 to $325.72 million in FY 2022-23 has already been recorded, the ministry said.
While the domestic manufacturers have already experienced success in Germany, tie-ups with internationally acclaimed big players, including Snapdeal and Walmart, are in the pipeline.
The Nuremberg International Toy Fair concluded on February 3. Over 2,000 exhibitors from more than 65 countries participated this year in one of the world’s largest toy fairs.