Experts have stated that the Indian Toy Industry can receive a boost to its economy by enhancing manufacturing capabilities and exports through the help/ expertise of G20 member nations like the USA and China.
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. Gupta stated that in G20 there are both biggest producers and consumers of toys. He added that India can learn from the USA to increase per-capita consumption and production expertise from China since it is known as the toy factory of the world. India can benefit from leveraging its technologies, cost efficiencies and workforce management. He believes that this will boost growth and competitiveness of India’s position in the industry.
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. He further added that Greater Noida has a toy cluster coming up and will boost manufacturing and that most G20 are net importer of toys, making this an opportunity for India.
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, Türkiye, 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% and import was 52.4% 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% share in India’s FDI during April 2000 – June 2023 when it aggregated at USD 645.4 billion.
