New Delhi: With 134 big industrialists having acquired land at Noida’s Toy Park to set up factories at a cost of Rs 410.13 crore, the industrial town in Gautam Budh Nagar district of Uttar Pradesh bordering Delhi is set to become a major manufacturing hub of toys in India with enough potential to challenge China’s booming toy industry, according to an official statement.
The day is not far when children will be seen playing with toys made in Noida, instead of with Chinese toys, according to Yamuna Expressway Industrial Development Authority (YEIDA) officials.
The toy factories will provide permanent jobs to 6,157 people.
Prime Minister Narendra Modi had called for increasing the country’s share in the global toy business last year. Subsequently, Uttar Pradesh Chief Minister Yogi Adityanath decided to construct a Toy Park in Noida and 100 acres of land was earmarked in Sector 33 of Yamuna Expressway Industrial Development Authority area to promote the industry, they said.
Altogether 134 companies have so far been allotted land for setting up factories at the Toy Park and construction of their units is likely to begin soon.
Those who have acquired land at the Toy Park are Fun Zoo Toys India, Fun Ride Toys LLP, Super Shoes, Ayush Toy Marketing, Sunlord Apparels, Bharat Plastics, Jai Shree Krishna, Ganpati Creations and RRS Traders, they added.
According to YEIDA officials, the acquisition of land by major players in the toy industry, such as Fun Zoo Toys India and Fun Ride Toys, is highly significant as they can challenge the monopoly of Chinese toy makers.
The biggest challenge before the government, however, is that of the 4,000 micro, small and medium enterprises in the toy manufacturing business 90 per cent are in the unorganised sector. Therefore, the Chief Minister has taken the initiative to promote the toy industry.
According to an estimate, India’s toy industry will be worth Rs 147 billion-221 billion by 2024, given the fact that the demand for toys in India is rising at a faster pace compared to the global rate. Against the global average of the demand for toys increasing annually by five per cent, India’s demand is rising by 10-15 per cent.