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Bombay: The Indian toy market is about $ 450-500 million, or about 0.5% of the global toy market, which is set at about $ 90 billion. Currently, only 80% of Indian toys are Chinese imports, and unbranded Chinese toys represent 90% of the Indian market. With a focus on Atmanirbhar Bharat, R Jeswant, CEO of Funskool India, spoke to ET NOW saying there is an opportunity for India. “India has no shortage of capacities to produce toys for the world, but there are many challenges. Many toy companies want to source from us and we were able to meet all standards. “
Mr. Jeswant acknowledged that challenges exist. “The Indian toy market is very small compared to the global market and we face some handicaps. Tooling costs are high, hampering the design and development of toys in India. But according to him, there is potential because we have seen high import tariffs which can help domestic manufacturers to strengthen their production capacities. Although he is of the opinion that the Indian toy market has just surfaced.
“25% of the world’s 0-12 year olds live in India, so there is a huge opportunity for markets like India. We anticipate exponential growth in India as parents are exposed to better brands of toys, â€Mr. Jeswant said. Funskool India was founded in 1988 and still remains an important player.
Asked about the competition from digital and video games, he said, “Over the past 33 years, we have delivered quality brand name toys to our customers. Physical toys will be relevant even with digital games, although it would have been much more important if they hadn’t existed. In fact, during the lockdown, we saw a huge response to board games and puzzles. “
