China's toy industry will now face stiff competition from Noida. The Yogi Government has decided to set up a toy park in Sector-33, Noida. 134 industrialists have taken plots to set up a toy factory in the park. These 134 industrialists will soon set up their factories in the toy park with an investment of Rs 410 crore. Significantly, 6157 people will get permanent employment in these factories.
A meeting was held with several toy manufacturing companies and land allotment has been approved. According to Yamuna Expressway Industrial Development Authority (YEIDA) officials, the plants will provide permanent jobs to at least 6,157 people.
Prime Minister Narendra Modi had called for increasing the country's share in the global toy business last year. Subsequently, Uttar Pradesh Chief Minister Yogi Adityanath decided to construct a Toy Park in Noida and 100 acres of land was earmarked in Sector 33 of Yamuna Expressway Industrial Development Authority area to promote the industry, they said.
Those who have acquired land at the Toy Park are 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, they added.
“Altogether 134 companies have so far been allotted land for setting up their factories in 53.51 acres at the Toy Park and construction of their units is likely to begin soon,” said Nodal officer, YEIDA Investment Cell, Shailendra Bhatia.
According to 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 toy makers.
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According to an estimate, India's toy industry will be worth Rs 147 billion-221 billion by 2024, given the fact that the demand for toys in India is rising at a faster pace compared to the global rate. Against the global average of the demand for toys increasing annually by five per cent, India's demand is rising by 10-15 per cent.