Economy

Toy industry has capacity to bring growth to neediest segment: PM Modi

Our Bureau New Delhi | Updated on June 24, 2021

Prime Minister Narendra Modi on Thursday said that the Indian toy industry has the capacity to bring growth to the neediest segment of the society. Calling it ‘Toyconomy’, PM Modi said that the global toy market is about $100 billion and India has only 1.5 per cent of this market.

“India imports almost 80 per cent of its toys. This means that crores of rupees are being drained out of the country. This needs to change. This sector has the capacity to bring progress and growth to the neediest segments of society. Toy industry has its own small-scale industry, artisans comprising of rural population, dalits, poor people and tribal population,” said PM Modi while interacting with the participants of Toycathon-2021.

PM Modi called for new models of innovation and financing to make Indian toys competitive at the global level. He added that there is a need for new ideas to be incubated, new start-ups promoted, taking new technology to traditional toy makers and creating new market demand. This is the inspiration behind events like Toyacathon

Modi said that in the last 5-6 years, youth has been connected with the key challenges of the country through the platform of Hackathons.

Referring to the cheap data and growth of Internet-led rural connectivity Modi called for exploration of possibilities in virtual, digital and online gaming in India. “Most of the online and digital games available in the market are not based on Indian concepts and many such games promote violence and cause mental stress. The world wants to learn about India’s capabilities, art and culture and society. Toys can play a big role in that India has ample content and competence for digital gaming,” he said.

‘Huge opportunity’

Modi mentioned that the 75th anniversary of India’s Independence is a huge opportunity for the innovators and creators of the toy industry. Many incidents, stories of India’s freedom fighters and their valour and leadership can be created into gaming concepts. These innovators have a big role in connecting ‘folk with the future’. There is a need to create interesting and interactive games that ‘engage, entertain and educate.

Published on June 24, 2021

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