The government announced on Monday that tie-ups between domestic toy makers and “internationally acclaimed big players” including Snapdeal and Walmart are in the pipeline, asserting that the sector is poised for success in the future.
The statement comes amidst Indian toy makers receiving orders above $10 million at a five-day international toy fair in Germany.
“While the domestic manufacturers have already experienced success in Germany, tie-ups with internationally acclaimed big players including Snapdeal and Walmart is in the pipeline,” the commerce and industry ministry said in a statement.
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The exporters reported that buyers from nations including the US, the UK, South Africa, and Germany expressed keen interest in their products and made substantial orders during the Nuremberg fair, which took place from January 30 to February 3. India had over 55 participants at the event.
“The Indian toy sector is growing at a healthy rate and competing with global players. Among the most popular categories at the fair were those pertaining to wooden toys and educational learning toys,” the ministry said.
According to the statement, initiatives led by the Department for Promotion of Industry and Internal Trade such as enforcing mandatory quality standards, raising customs duties, and implementing a National Action Plan on Toys have contributed to the production of top-notch products that garnered recognition on the global stage.
The domestic manufacturers at the fair observed a notable shift in the approach and behavior of buyers.
“India is now being recognised as a lucrative alternative sourcing destination,” the ministry said, adding that the show has opened the doors for international joint ventures.
In 2022-23, India’s toy exports surged to $325.72 million from $96.17 million in 2014-15. Conversely, imports witnessed a 52% decline to $158.7 million in 2022-23 from $332.55 million in 2014-15.
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