 "International toy fair to begin on July 6 with over 100 foreign buyers")
More than 300 domestic companies and over 100 foreign buyers from the US, Germany and other countries are expected to participate in the four-day international toy fair beginning on July 6 in the national capital, a statement said on Tuesday.
More than 250 Indian brands will display their products during the fair, which is being organised at Pragati Maidan here, Toy Association of India senior vice-president Naresh Kumar Gautam said in the statement.
Gautam said that the 15th Toy Biz International B2B Expo 2024 is the largest fair in South Asia.
"It is a big platform for Indian toy makers to showcase their products and capabilities to the global audience. It helps us attract new customers and partners, expand market reach for our toys and boost exports," he said.
In addition, he said, Toy Biz also provides a platform for industry players to network and connect with each other, which can help foster collaborations, partnerships and joint ventures.
Gautam, who is also the CEO of Noida-based Little Genius Toys Pvt Ltd, also suggested the government provide fiscal support to manufacturers in organising these fairs.
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"At least Rs 1 lakh should be given to all the stalls in these fairs. At present, we are providing hotel accommodation to foreign buyers and ticket cost up to Rs 1 lakh," he added.
He said that the expo can also help raise awareness about the importance of the Indian toy industry, both domestically and internationally.
Wooden toy maker Gautam said that different categories of toys will be showcased to buyers such as electronics, soft toys, playground equipment and board games.
The country's toy exports declined marginally to $ 152.34 million in 2023-24 from $ 153.89 million in the previous financial year, according to a report by economic think tank GTRI.
India has taken several steps since 2020 to curb the inflow of substandard toy imports, especially from China, and strengthen the domestic toy industry.
The report has proposed a comprehensive strategy aimed at developing India's toy industry and boosting exports. It has suggested steps such as developing a robust domestic ecosystem, encouraging global toy brands to manufacture in India, learning from China, and localise production of key inputs.
The report recommended setting up specialized toy manufacturing hubs to reduce costs and increase efficiency; modernising traditional Indian toys while preserving their cultural value to create unique products.
It has also asked for making separate strategies for each group of toys such as plush toys like stuffed animals (world trade is about $ 7 billion); educational toys (world trade is about $ 6 billion); construction toys like LEGO ($ 10 billion); action figures and dolls ($ 10 billion); electronics ($ 15 billion); board games and puzzles ($ 9 billion); and outdoor and sports toys ($ 5 billion).
In 2022, the global market imported toys valued at about $ 60.3 billion.
Dominating this market, China exported toys worth $ 48.3 billion, securing an 80 per cent share of the global exports.
Other significant contributors to the global toy export market include the Czech Republic with exports of $ 3.2 billion, the European Union with $ 2.7 billion, Vietnam with $ 1.7 billion, and Hong Kong with $ 1.1 billion.
In contrast, India's share in the global toy export market is minimal, totalling $ 167 million, which represents only 0.3 per cent of the global exports, ranking it 27th, the report said.
On the import side, India ranks even lower, at 61st, with toy imports amounting to $ 60 million.
The US is the largest importer of toys with a total procurement of $ 22.2 billion. It is followed by the European Union ($ 9 billion), Japan ($ 2.8 billion), and Canada ($ 1.6 billion).
India raised import duties on toys beginning in February 2020. The basic customs duty was increased from 20 per cent to 60 per cent and then to 70 per cent in July 2021.
Implemented from January 2021, the QCO mandates that all toys sold in India, whether domestically produced or imported, must comply with specific Indian Standards for safety.