India organised Toycathon-2021 on June 24. The Prime Minister Narendra Modi interacted with participants via video conferencing. Apart from the importance of toys as the first friend of the children, the Prime Minister emphasized the economic aspects of toys and gaming, he called it ‘Toyconomy’.
What is Toyconomy?
During the meeting, PM Modi highlighted the importance of the toys and game industry in Indian Economy. The Toy and Game Industry was termed as ‘Toyconomy’ by him. As per PM Modi, the global toy market is about 100 billion dollars out of which India contributes only 1.5 billion dollars.
The Prime Minister said that India has only 1.5 percent of the toy market. India imports 80% of its toys from foreign countries. Thus, the PM highlighted the capacity of this sector in bringing progress & growth to the neediest segments of society.
What are the challenges of Toyconomy?
The PM underlined that, beyond numbers, this sector has the capacity to bring progress and growth to the neediest segments of society. Toy industry has its own small-scale industry, artisans comprising rural population, dalits, poor people and tribal population. The Prime Minister singled out the contribution of women in the sector. In order to take the benefits to these segments, we need to be vocal for local toys.
The PM 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.
Also Read: Toy imports down by 70% and exports up 61% over last 3 years
Online gaming in India
PM Modi also asked to explore possibilities across virtual, digital & online gaming in India because cheap data and growth of Internet have led to rural connectivity. He asked to bring about new models of innovation and financing to make Indian toys competitive across the world.
Games on India’s freedom struggle
The 75th anniversary of India’s Independence will bring a huge opportunity for innovators and creators of the toy industry. Many incidents, stories of our freedom fighters and their leadership can be used in gaming concepts. Innovators can play a big role in connecting ‘folk with the future’. PM Modi underlined the need of creating interesting & interactive games which can ‘engage, entertain and educate’.
