 "toy market")
Indian toy makers, who participated in the five-day international toy fair in Nuremberg, Germany, have received huge orders worth crores as they had showcased high-quality products, exporters say.
According to the toy exporters, buyers from countries such as the US, UK, South Africa, and Germany showed interest in their products and placed a good number of orders.
The Nuremberg International Toy Fair concluded on February 3. Over 2,000 exhibitors from over 65 countries participated in one of the world largest toy fairs.
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 that two-Chinese firms have 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 Indian companies to 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".
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He also said that the government measures like mandatory quality norms and cut in customs duty have helped the sector grow at a faster pace.
Sharing similar views, Natkhat Toys promoter Tarun Chetwani said the fair has provided a platform to showcase his company's high willowy products.
"Indian toy sector is growing at a healthy rate and we are competing with all the major players," Chetwani said.
He added that a number of companies from Greater Noida participated in the fair.
The country's toy exports have jumped to $ 325.72 million in 2022-23 from $ 96.17 million in 2014-15.
The government is providing all-round support for creating a conducive manufacturing ecosystem for the toys industry.
As a result of these measures, the manufacturing ecosystem of the industry has witnessed remarkable growth, leading to a substantial decrease of 52 per cent in overall import of toys from $ 332.55 million in 2014-15 to $ 158.7 million in 2022-23.
The exports have increased by 239 per cent from $ 96.17 million in 2014-15 to $ 325.72 million in 2022-23.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
