IBEF: September 02, 2020
To boost the India’s toy manufacturing industry and be in line with Vocal for Local campaign, Karnataka Chief Minister B S Yediyurappa announced the proposed toy cluster in Koppala in Karnataka.
This will be the India's first toy manufacturing cluster and is expected to attract over Rs 5,000 crore in investments. The proposed toy cluster will have connectivity to NH-63 and Belagavi Airport. It will be a 400-acre SEZ with top-class infra and will generate 40,000 jobs in five years.
The Karnataka government is trying to enhance its outreach to global investors to set up units in the South Indian state; and to make this easier for industries to consider Karnataka for its investments it has also amended the industrial, land and labour laws.
Karnataka is the third-largest market for toys in India (USD 159 million) 9.1 percent of the national market.
The state's toy industry has grown at a CAGR of 18 percent (2010-2017) and is expected to reach USD 310 million by 2023.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.