China's toy industrywill now face stiff competition from Noida. The Yogi Government hasdecided to set up a toy park in Sector-33, Noida. 134 industrialists havetaken plots to set up a toy factory in the park. These 134 industrialistswill soon set up their factories in the toy park with an investment of Rs 410crore. Significantly, 6157 people will get permanent employment in thesefactories.
A meeting was heldwith 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 MinisterNarendra Modi had called for increasing the country's share in the global toybusiness last year. Subsequently, Uttar Pradesh Chief Minister Yogi Adityanathdecided to construct a Toy Park in Noida and 100 acres of land was earmarked inSector 33 of Yamuna Expressway Industrial Development Authority area to promotethe industry, they said.
Those who haveacquired land at the Toy Park are Fun Zoo Toys India, Fun Ride Toys LLP, SuperShoes, Ayush Toy Marketing, Sunlord Apparels, Bharat Plastics, Jai ShreeKrishna, Ganpati Creations and RRS Traders, they added.
“Altogether 134companies have so far been allotted land for setting up their factories in53.51 acres at the Toy Park and construction of their units is likely to beginsoon,” said Nodal officer, YEIDA Investment Cell, Shailendra Bhatia.
According to YEIDAofficials, the acquisition of land by major players in the toy industry, suchas Fun Zoo Toys India and Fun Ride Toys, is highly significant as they canchallenge the monopoly of Chinese toy makers.
According to anestimate, India's toy industry will be worth Rs 147 billion-221 billion by2024, given the fact that the demand for toys in India is rising at a fasterpace compared to the global rate. Against the global average of the demand fortoys increasing annually by five per cent, India's demand is rising by 10-15per cent.