New Delhi, Feb 5 (PTI) Indian toy makers, who have participated in the five-day international toy fair in Germany have received orders worth over USD 10 million as they showcased high-quality products, according to exporters.
The exporters said buyers from countries such as the US, the UK, South Africa, and Germany showed interest in their products and placed a good number of orders.
There were more than 55 participants from India this year in the Nuremberg fair in Germany, held from January 30 to February 3.
Initiatives by the Department for Promotion of Industry and Internal Trade (DPIIT) like mandatory quality norms, increase in custom duty and a National Action Plan on Toys (NAPT), helped in the manufacture of high-quality products that received appreciation at the international platform.
“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 DPIIT said in a statement.
The domestic manufacturers at the fair said a considerable shift in the buyers’ approach and behaviour has been witnessed.
“India is now being recognised as a lucrative alternative sourcing destination,” it said, adding that the show has opened the doors for international joint ventures.
While domestic manufacturers have already experienced success in Germany, tie-ups with internationally acclaimed big players, including Snapdeal and Walmart, are in the pipeline.
Greater Noida-based Little Genius Toys Pvt Ltd CEO Naresh Kumar Gautam said, “Our products received huge appreciation, be it wooden education toys or soft toys. There was a strong anti-China sentiment for Chinese toys and Indian toys were appreciated. About 60 firms participated.” He said two Chinese firms expressed keen interest to set up joint ventures with Little Genius in India for toy manufacturing.
“The JV would cater to both national and international markets,” Gautam said, adding that in the fair, foreign buyers suggested that Indian companies become more competitive in pricing to compete with Chinese firms.
He added that to fulfil the orders, the company has to increase its manufacturing and “we will soon start that work”.
The country’s toy exports have jumped to USD 325.72 million in 2022-23 from USD 96.17 million in 2014-15.
Imports, on the other hand, declined 52 per cent from USD 332.55 million in 2014-15 to USD 158.7 million in 2022-23. PTI RR TRB
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