"Uttar Pradesh Aims to Attract Over Rs. 1,000 Crore in Private Investment for Toy Park"

Uttar Pradesh is on the cusp of welcoming more than Rs. 1,000 crore in net private investment for its inaugural Toy Park, situated in Noida. This ambitious project, slated for completion next year, has already garnered interest from prominent toy manufacturing and gaming companies, including Fun Zoo Toys India and Funride Toys LLP, which are preparing to establish their captive plants within the park.

The Toy Park is anticipated to be a major catalyst for economic growth in Uttar Pradesh, generating employment opportunities for over 6,000 individuals. Furthermore, it aims to disrupt the near monopoly held by Chinese companies in the domestic toy market. This move is expected to provide a significant boost to the labor-intensive micro, small, and medium enterprises (MSME) segment in the state, according to a government spokesperson.

The Indian toy market is poised for significant growth, with projections indicating a doubling of its size to $3 billion by 2027-28, up from the current $1.5 billion. Despite Indian toymakers already exporting to nearly 50 countries, China maintains a dominant position in the global toy sector.

Over the past few years, there has been a steady decline in toy imports to India, while toy exports from the country have experienced substantial growth. Toy exports increased from $37 million in 2013-14 to $154 million in the 2022-23 fiscal year. In 2021-22, Indian toy shipments reached $177 million before decreasing to $154 million in the following year.

Spanning 100 acres, the Toy Park is being developed by the Yamuna Expressway Industrial Development Authority (YEIDA) in Noida Sector 33. To expedite the growth of this toy manufacturing hub, YEIDA is allotting plots to toy manufacturers in various categories, including soft toys, electronic toys, wooden toys, ride-on toys, slides, board games, plastic toys, and playground equipment toys.

To date, approximately 150 plots have been allocated, with 35-40 companies formally signing land lease agreements with the authority. Ajay Agarwal, President of the Toy Association of India, has expressed confidence that several under-construction plants within the Noida Toy Park will be ready for commercial production within the next year.

Prime Minister Narendra Modi has also encouraged domestic toymakers to expand their presence in international markets by producing appealing and high-quality products. In a bid to bolster the domestic toy manufacturing sector, the Central Government has increased the import duty on toys to 70 percent, thereby reducing imports and stimulating domestic production.

Presently, most toy manufacturers are concentrated in regions like the National Capital Region (NCR), Maharashtra, Karnataka, and Tamil Nadu. It's estimated that there are around 4,000 toy manufacturing entities in India, with a significant proportion falling under the MSME category.

BS