Indian Economy News

India's toy industry achieved success no one could have imagined: Prime Minister Mr. Narendra Modi

  • IBEF
  • August 1, 2022

Prime Minister Mr. Narendra Modi praised the Indian toy sector for attaining success that no one could have predicted, adding that exports had increased from Rs. 300-Rs. 400 (US$ 37.91 million-US$ 50.54 million) to Rs. 2,600 crores (US$ 328.56 million). He said that, in the past, imports of toys totalling more than Rs. 3,000 crore (US$ 379.04 million) had decreased by 70%.

He said that local toys in India are environmentally friendly and in harmony with both culture and nature. The toy industry in India, according to the prime minister, has demonstrated its mettle by evolving, with manufacturers now producing toys inspired by Indian mythology, history, and culture. Everywhere in the nation, toy clusters can be found, and small business owners gain greatly from them, he claimed, since their products are now sold throughout the globe. The Indian toy producers were closely collaborating with the top global brands. The toy industry is also receiving a lot of attention from the start-up community, citing two examples: Shumme Toys, a start-up in Bangalore that specialises in eco-friendly toys, and Arkidzoo Company, a Gujarati company that produces flash cards and picture books that use augmented reality.

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