Toyconomy: PM goes vocal for local, urges greater share

By Express News Service
NEW DELHI:  Prime Minister Narendra Modi interacted with participants of Toycathon-2021 and called for reversing the wealth drain as India accounted just 1.5 per cent of the $100 billion global toy market.

Mofi emphasized the economic aspects of toys and gaming, calling it ‘toyconomy’. “Global toy market is about $100 billion and India accounts for 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,” he said. 

The PM also laid emphasis on the toy sector since it 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, scheduled castes, poor people and tribal population,” he said, while also noting the contribution of women. “In order to take the benefits to these segments, we need be vocal for local toys.”