Toy Park in Noida gets ₹410-cr investment

The industrial town in Gautam Budh Nagar district of Uttar Pradesh is set to become a major manufacturing hub of toys in India as 134 big industrialists have acquired land at Noida's Toy Park to set up factories involving an investment of ₹410.13 crore. According to Yamuna Expressway Industrial Development Authority (YEIDA) officials, the toy factories will provide permanent jobs to 6,157 people. Under the direction of the Prime Minister, UP Government has 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. 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. 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 significant as they can challenge the monopoly of Chinese toy makers. The biggest challenge before the government is that of the 4,000 micro, small and medium enterprises in the toy manufacturing business 90 per cent are in the unorganized sector. As per estimates, India's toy industry will be worth ₹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.