New Delhi, Feb 5 (IANS) Indian toy manufacturers, which participated in the five-day international toy fair in Nuremberg in Germany, claim to have received huge orders worth over $10 million, it said on Monday the Union Ministry of Commerce.
According to toy exporters, buyers from countries such as the US, 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 they showed their products.
Indian manufacturers at the International Toy Fair in Nuremberg claimed that there was a considerable change in the approach and behavior of buyers. India is being recognized as a lucrative alternative sourcing destination as high-quality products are being launched after Prime Minister Narendra Modi launched the Toyeconomy policy.
The Indian toy industry highlighted that government initiatives such as mandatory quality standards, increased customs duties and a National Action Plan on Toys (NAPT) have helped in manufacturing high-quality products, which have gained appreciation on the international platform.
The Indian toy sector is growing at a healthy pace and competing with global players. Among the most popular categories at the fair were those related to wooden toys and educational learning toys.
Indian toy makers also said the prestigious platform opened doors for international joint ventures with the Indian manufacturing ecosystem gaining global acceptance.
The interest of global players to partner with the Indian industry has given impetus to domestic manufacturers to improve their manufacturing capacity to cater to both the growing international and domestic markets.
The emerging international recognition of ‘Make in India’ toys is expected to contribute to increased exports.
A substantial 52 percent decline in total toy import from $332.55 million in FY 2014-15 to $158.7 million in FY 2022-23 and a 239 percent increase in ‘export of toys from USD 96.17 million in FY 2014-15 to USD 325.72 million. The fiscal year 2022-23 has already been registered, the ministry said.
While domestic manufacturers have already experienced success in Germany, there are links with internationally recognized big players such as Snapdeal and Walmart.
The Nuremberg International Toy Fair concluded on February 3. More than 2,000 exhibitors from more than 65 countries participated this year in one of the largest toy fairs in the world.