A total of 134 big toymakers have acquired land at Noida’s Toy Park to set up their factories at the cost of INR 410.13 crore.
August 11, 2021
Noida, the industrial town in Gautam Budh Nagar district of Uttar Pradesh, is set to become a major manufacturing hub of toys in the country. With Noida’s enough potential to challenge China’s booming toy industry, 134 toymakers have acquired land at Noida’s Toy Park to set up factories at a cost of INR 410.13 crore.
Prime Minister Narendra Modi had earlier asserted his vision for increasing the country’s share in the global toy business back in 2020. Subsequently, this further led to Uttar Pradesh Chief Minister Yogi Adityanath’s decision to construct a Toy Park in Noida, and 100 acres of land was designated in Sector 33 of Yamuna Expressway Industrial Development Authority (YEIDA) area to promote the domestic toy industry.
Major national companies that have acquired land at the Toy Park include Fun Zoo Toys India, Fun Ride Toys LLP, Super Shoes, Ayush Toy Marketing, Sunlord Apparels, Bharat Plastics, Jai Shree Krishna, Ganpati Creations, and RRS Traders.
As per YEIDA officials, the acquisition of land by major players in the toy industry, such as Fun Zoo Toys India and Fun Ride Toys, is highly significant as they can challenge the monopoly of Chinese toymakers.
According to an estimate, India’s toy industry will be worth INR 147-221 billion by the year 2024, in view of the demand for toys in the nation which is rising at a faster pace compared to the global rate. Against the global average of the demand for toys increasing annually by five percent, India’s demand is rising by 10-15 percent.