STOP AND RESTART
- Manish Kukreja , President , TAITMA
The multiple challenges starting from the pandemic of covid-19 to the BIS and the import duty hike , it seems nothing worse could have happened . Then the unprecedented price rise of the raw materials , the shrinking market , delayed payments & the second lock down , rattled almost everyone . The grit of the small manufacturer who has survived this test needs to be appreciated . Many have not made it through the pandemic . The consequences could be drastic .
As we prepare for re-opening , there is a possibility that the industry will flourish , as it has the potential . With schools being in online mode , parents would like to reduce the digital exposure for their kids ( TV / video game time ) and will encourage play .
The digital influence has hit the toy industry hard . Every child had a smart phone hence has hundreds of thousands of games on her / his finger tip . I believe that the lockdown helped families bond and encouraged elders to play too . Games help to reduce stress in the adults .
With the government having its focus on the toy industry , the future looks promising . The BIS is the first step in the right direction , although the implementation of the same is wanted . Gautam Arora from Playcraft Traders ( Delhi ) agrees and feels that “… there should be ease of testing in terms of cost and facility ”.
A survey showed that the toy industry shrunk by about 40 %. The impact of this will be felt for a long time and for many it will take years to get back on track . Although with the schools in online mode , parents have become sensitive to education based toys thus giving boost to STEM Toys , otherwise market has been sluggish . This is due to controlled spending during the lockdown . There have been lay-offs , salary cuts , etc . which did not help .
It is important to understand the complex nature of the toy industry . Its uniqueness to the other industries lies in the change in the variety with every season . A study once revealed that the toy industry churned out about 400,000 different sku ’ s . The average life cycle of the unit is limited , and the development cost is huge .
With India being one of the most unregulated markets in the world , it was only logical that standards be set , if India is to become a $ 5 Trillion economy , as envisioned by the government it is important to have these regulations . Government has been constantly asking the industry for its inputs to help grow domestic production and make India a “ Toy Hub ” for the global market .
Page 6 | Kids India Magazine - Sept 2021