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India can become a global toy hub: PM
Why is it in news?
- Prime Minister called upon start-ups and entrepreneurs to “team up for toys”.
- India’s share in the Rs. 7 lakh crore global toy market is minuscule.
- PM asserted that the country has the potential to be a hub for the industry.
- PM has asked the start-ups to be “vocal for local” and urged them to develop computer games in and based on India.
Toy Industry in India:
- India’s toy market is worth $1.7 billion.
- India currently manufactures only about 15% of its total toy demand.
- About 85 percent toys sold in India is made in China. This is primarily because Chinese toys are sold for a cheap price.
- The All India Toys Federation (AITF) is the apex body of toy manufacturers, traders and sellers in India.