Indian Toy Industry Growth and Initiatives
India’s toy industry is expected to grow to $2-3 billion by 2024. Initiatives like hackathons, restricting imports, promoting clusters, and incentivizing manufacturers are driving industry growth. The sector is mostly unorganized, with 90% comprising 4,000 units from the MSME sector.
Hydroponic Farms for Sustainable Food Production
Hydroponic farms offer sustainable food production without heavy chemical use. Hydroponics is quickly integrating into current food systems.
Innovation and Government Support in Toy Industry
India’s manufacturing capabilities, skilled workforce, and consumer market indicate significant toy industry growth and innovation. Digital technologies like 3D printing and virtual reality are transforming toy design and play experiences. Government schemes under the Make in India program and National Toy Action Plan aim to promote domestic manufacturing, exports, and innovation.
Key Points for Starting a New Toy Company
When starting a new toy company, key points include significant government support, need for oversight via inspections for production standards and service levels, and few export-level certified factories with toy manufacturing experience for Western retailers.
Indian Toy Market Overview (2023)
India’s toy industry is expected to grow to $2 billion by 2024 from $1.5 billion in 2022-23. Initiatives promoting indigenous toy clusters, boosting local manufacturing, and incentivizing toy manufacturers are driving growth. Import duties were raised from 60% to 70% in the 2023 budget to encourage local manufacturing.
Toy Business Profitability in India
India’s toy market has the potential to grow to $2-3 billion by 2024. Initiatives like hackathons, promoting indigenous clusters, and incentivizing manufacturers are beneficial for industry growth. The market is driven by the benefits of toys on children’s cognitive development. Local manufacturing development is essential for the industry’s success.