New Delhi [India], February 5 : Indian toy manufacturers have successfully clinched significant orders surpassing USD 10 million at the prestigious Nuremberg International Toy Fair held in Germany from January 30 to February 3, 2024.
The remarkable achievement is attributed to the high-quality products showcased by Indian toy makers, supported by government initiatives like mandatory quality norms, increased custom duty, and the National Action Plan on Toys (NAPT).
Exporters participating in the five-day international toy fair reported immense success as their high-quality products garnered attention and appreciation on the global stage.
The Indian toy industry's growth, backed by government initiatives, positions it competitively among global players. Wooden toys and educational learning toys emerged as the most popular categories at the fair.
Buyers from influential markets such as the US, UK, South Africa, and Germany demonstrated keen interest in Indian toys, resulting in substantial orders.
With more than 55 participants from India, the fair showcased the country's evolving toy industry and its ability to meet global standards.
Indian manufacturers observed a significant shift in buyer behaviour, with India now being acknowledged as an attractive alternative sourcing destination.
Prime Minister Narendra Modi's emphasis on Toyeconomy has played a pivotal role in positioning India as a favourable player in the international toy market.
Participants from India expressed that the Nuremberg Toy Show provided an opportunity for international joint ventures, contributing to the global acceptance of the Indian manufacturing ecosystem.
The interest from international players has spurred domestic manufacturers to enhance their production capacity to meet the growing demands of both international and national markets.
The rising international recognition of 'Made in India' toys is expected to drive increased exports.
Notably, there has been a notable 52 per cent decrease in overall toy imports, coupled with a remarkable 239 per cent increase in toy exports from the Financial Year 2014-15 to the Financial Year 2022-23.
As Indian manufacturers look beyond Germany, potential tie-ups with globally recognized players like Snapdeal and Walmart are in the pipeline.
The collaborative efforts of the government and the industry are poised to propel the toy sector towards greater success in the future.
The Nuremberg International Toy Fair, one of the world's largest toy fairs, concluded on February 3, 2024, with over 2,000 exhibitors from more than 65 countries participating in this globally acclaimed event.
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