: Smriti Irani pitches for investment in Indian toy market #FinanceIndia #StockMarketNEWS New Delhi, Feb 12 (KNN) Minister for Women & Child Development and Textiles, Smriti Zubin Irani on Friday

@StockMarketNEWS Mon 15 Feb, 2021

Posted in: #FinanceIndia #StockMarketNEWS

Smriti Irani pitches for investment in Indian toy market #FinanceIndia #StockMarketNEWS
New Delhi, Feb 12 (KNN) Minister for Women & Child Development and Textiles, Smriti Zubin Irani on Friday asserted that there is an expansive opportunity for both Indian as well as global companies to invest in the Indian toy sector.

Addressing the virtual 2nd edition of FICCI Seminar on Value of Play – Toys and Games in the New Normal Scenario, Irani said, We (Government and industry), under the aegis of FICCI Toys Committee, need to articulate incessantly on issues concerning the pedagogical impacts of toys.

“One of the biggest challenges for the industry indigenously is the massive influx of toys from overseas. Given the current industry estimates, between 1 to US 1. 5 billion dollar to have most of their revenue from imported toys tells us the expansive opportunity that is before us,” she added.

Highlighting the impact of digital play during the pandemic, Irani urged the FICCI Toys Committee to help reflect on the digital play impact, especially on the consuming base in the country.

Irani stated that the National Education Policy also speaks about the joy of learning with toys. Children between the ages of 3-8 years will learn with toys, transform their educational experiences such that outcomes are strengthened and better, she stated.

India, she said, has a large number of families in the middle-income group as one of the largest consuming sections.

We should also explore the price points that can attract these consumers to toys that are Made in India, she added.

Speaking on India Toy Fair 2021, Irani said that over 1000 companies have come on board, including some of the biggest national and international brands. The Ministry of Education is engaging with states, schools, boards, and institutions for enhanced participation from the consumer of toys- parents and children.

“Through this platform when a parent or child engages with the company to pick a toy, they will also have access to the map of India that has mapped toy needs and pedagogical impact of that toy, which is locally available from pre-school to higher education. This is first being done in our country,” she noted.

Irani further stated that we have had knowledge systems unique to our country that have never been transformed through cultural creative in the Indian toy industry.

“That transformational journey will begin with the India Toy Fair 2021. FICCI’s journey that takes pedagogical needs of over 249 million school going children and marries it with the needs of the Indian toy industry, is to be lauded,” she added.

Anil Agrawal, Additional Secretary, DPIIT said that they are looking at supporting toy design based on Indian culture.