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Task Force for Toy Sector, 5% Global Market Share by 2032

UPSC / SSC current affairs note · Economy

EconomyGovernment Policies & Interventions

Why in news

Union Minister Piyush Goyal announced a task force to support the toy sector and set a target of 5% global market share by 2032. The 'Toy Sector Playbook' was also launched to guide manufacturers, startups, and MSMEs.

Background

India's toy industry has seen significant growth due to government initiatives like quality regulations (BIS certification), cluster development, and support for MSMEs. The sector was identified as a priority under SCALE (Steering Committee for Advancing Local Value-add and Employment) for its potential in local value addition, employment, and exports.

Key facts

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  1. Task force announced to identify measures for achieving 5% global toy market share by 2032.

  2. Six objectives: integration with global value chains, strengthening manufacturing, addressing value chain bottlenecks, skilled workforce & employment, enabling design & innovation, and ease of doing business.

  3. Toy Sector Playbook launched as a comprehensive roadmap covering manufacturing ecosystem, value chain, standards, compliance, skill development, product innovation, IP, exports, and emerging market opportunities.

  4. India's toy ecosystem now includes over 21,000 MSMEs and more than 770 DPIIT-recognized startups.

  5. Minister urged industry to build a complete domestic manufacturing ecosystem with advanced technology, global quality standards, localization, branding, and integration with global value chains.

  6. Government initiatives highlighted: BIS certification, cluster development programs, and support measures for MSMEs and startups.

Prelims pointers

  • Task Force for Toy Sector
  • Toy Sector Playbook
  • SCALE: Steering Committee for Advancing Local Value-add and Employment
  • DPIIT: Department for Promotion of Industry and Internal Trade
  • BIS: Bureau of Indian Standards
  • Target: 5% global toy market share by 2032
  • Event: 'Team Up for Toys: Driving Scale, Innovation and Exports'

Mains angles

  • GS3: Industrial policy – government initiatives for toy sector, Make in India, export promotion.
  • GS3: MSME sector – role of toy industry in employment and local value addition.
  • GS2: Government policies and interventions for development of sectors.
Task Force for Toy Sector, 5% Global Market Share by 2032 — UPSC Economy · in5points