Gun for $100 billion global toy market, Modi tells innovators, startups
NEW DELHI, June 24 (the CONNECT) – Connecting ‘folk with the future’, India can change the landscape of the toy market.
Stating this, Prime Minister Narendra Modi called upon the youth and startups to focus on the hitherto untapped ‘toyconomy’. The global toy market size if 100 billion dollars of which India’s share is mere 1.5%, Modi said and pointed out “this means that crores of rupees are being drained out of the country”. “This needs to change”, said the Prime Minister and underlined that, beyond numbers, this sector has the capacity to bring progress and growth to the neediest segments of society. Toy industry has its owns mall-scale industry, artisans comprising of rural population, dalits, poor people and tribal population, he said.
Prime Minister Narendra Modi interacted with participants of Toycathon-2021 today via video conferencing. Union Ministers Piyush Goyal and Sanjay Dhotre were present on the occasion.
Apart from the importance of toys as the first friend of the children, the Prime Minister also emphasized the economic aspects of toys and gaming.
He called for new models of innovation and financing to make Indian toys competitive at the global level. 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, he said.
The Prime Minister referred to the cheap data and growth of Internet led rural connectivity and called for exploration of possibilities in virtual, digital and online gaming in India. The Prime Minister rued the fact that 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 Prime Minister highlighted that 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.
Modi called upon the young innovators and start-ups to be mindful of their responsibility of projecting the true picture of India’s capabilities and ideas to the world.
In this context, the 75th anniversary of India’s Independence is a huge opportunity for the innovators and creators of the toy industry. Many incidents, stories of our 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’, said the Prime Minister.