Toy manufacturer Funskool India is planning to set up a new manufacturing plant in Tamil Nadu, to be operational by the end of this fiscal as it aims to increase share of exports to 50 per cent by 2021-22.
"At present, exports account for 20 per cent of our sales but we are aiming to increase that to 50 per cent by 2021-22. This new plant built with capex of Rs 25 crore will specifically cater to the export market. We are looking at new markets such as the Gulf region, covering whole of the US and Africa," Funskool India CEO K John Baby told PTI.
Currently, Funskool India has two plants - in Tamil Nadu and Goa.
In the previous fiscal, exports from Funskool India stood at USD 10 million. In 2017-18, Funskool India had a turnover of Rs 250 crore.
Talking about the challenges faced by the Indian toy industry, Baby said there is a lack of infrastructure and auxiliary facilities for toy manufacturing in India.
"The government should appreciate and recognise the potential of the toy industry to create employment and bring revenue to the country.
"Hong Kong and China has brought 50 billion of toys to the world. India has brought only 100 million and there is a long way for India to go and toy industry which can bring foreign exchange, revenue and create employment for the country's population," he added.
Vivek Jhangiani, Director of the All India Toy Manufacturers Association (TAITMA), said almost 90 per cent of toys in India are imported and only 10 per cent are locally made.
"Out of these 90 per cent imported toys, 95 per cent are from China," he added.
Spielwarenmesse eG, a fair organizer and marketing services provider for the toy sector and other consumer goods markets is scheduled to organise Kids India exhibition in Mumbai in September this year.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)