Expertise of G20 member countries such as the US and China can help the Indian toy industry boost domestic manufacturing capabilities and exports, according to the sector experts.
Toy Association of India (TAI) Chairman Manu Gupta said the G20 presidency with India provides an opportunity to showcase India as an attractive investment destination.
In G20 we have both, the biggest producers and consumers of toys in the world. From the US, India can learn about improving per capita consumption of toys as they are excellent learning tools for kids, Gupta said.
He added that the US has a strong toy market, and studying their strategies and approaches can help India increase toy consumption among its population.
On the other hand, Gupta said China is known as the world's toy factory, and India can certainly leverage its existing strengths, such as its workforce and technological abilities, to enhance the toy manufacturing capabilities.
Learning from China's expertise in mass production, efficiency, and cost-effectiveness can contribute to the growth and competitiveness of India's toy manufacturing industry, he added.
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Senior Vice President of TAI and Little Genius Toys Pvt Ltd CEO Naresh Kumar Gautam said India holds a huge potential in the toy sector as it has both skilled manpower and technology to cater to demands of the international market.
Gautam said the government here is taking several measures to increase competitiveness of manufacturers.
The upcoming toy cluster in Greater Noida is going to provide a huge boost to manufacturing. About 135 companies have been allowed land for units, he added.
Further, Gupta said as most of the G20 countries are net importer of toys, it presents a huge opportunity for domestic players.
G20 has 43 members and not 20 countries. These include 19 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Trkiye, the UK and US) and the European Union (27-member group). Three EU countries - France, Germany, Italy - are double counted.
Share of G20 nations in India's merchandise export was 64 per cent and import was 52.4 per cent in 2022.
India's leading export destinations among G20 nations in 2022 were the US( USD 91 billion), the EU (USD 87 billion), China (USD 17.5 billion), the UK (USD 14.4 billion), Turkiye (USD 10.7 billion), Saudi Arabia (USD 10 billion).
The country's leading import suppliers last year included China (USD 118.5 billion), the EU( USD 59.1 billion), Saudi Arabia(USD 43.3 billion), the US ( USD 38.4 billion), Russia (USD 34 billion), Australia (USD 19.2 billion), Korea (USD 18.9 billion), and Japan (USD 13.9 billion).
In terms of foreign direct investments (FDI), the US is the biggest investor with USD 61.3 billion or nine per cent share in India's FDI during April 2000 - June 2023 when it aggregated at USD 645.4 billion.
(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.)