Toy sector gets boost as Goyal sets sights on 5% global market share by 2032 with new task force support

Union Minister of Commerce & Industry Shri Piyush Goyal today announced the setting up of a task force to support the toy sector and identify interventions towards achieving the goal of reaching a 5 per cent share in the global toy market by 2032. The announcement was made at the stakeholder meet, "Team Up for Toys: Driving SCALE, Innovation and Exports", organised by the Department for Promotion of Industry and Internal Trade (DPIIT) at Vanijya Bhawan, New Delhi.

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Quick Revision

Prelims-testable facts

01A task force has been set up to support the toy sector and identify interventions towards achieving a 5% share in the global toy market by 2032.
02The task force will work towards six objectives, including integration with global value chains and strengthening manufacturing capabilities.
03The Indian government aims to increase India's share in the global toy market from 1.9% to 5% by 2032.
04A Toy Sector Playbook has been launched as a comprehensive roadmap for manufacturers, startups, MSMEs, investors, and entrepreneurs.
05The playbook provides actionable guidance on manufacturing ecosystems, value chains, standards, and compliance requirements.
06Shri Piyush Goyal stated that the remarkable progress of India's toy industry reflects the country's broader journey towards Viksit Bharat.
07The task force will focus on resolving bottlenecks and enhancing ease of doing business in the toy sector.

Trap alerts

Most people think the task force is only focused on increasing exports, but actually it has six objectives to achieve a 5% global market share by 2032.
Most people think the Toy Sector Playbook is only for manufacturers, but actually it's a comprehensive roadmap for various stakeholders in the toy ecosystem.

Prelims Practice MCQs

Single facteasy

What is the target global market share for India's toy sector by 2032?

A.3%
B.5%
C.7%
D.10%

The task force aims to achieve a 5 per cent share in the global toy market by 2032. This target is part of India's efforts to promote its toy sector and increase exports.

Multiple statementsmedium

Consider the following statements regarding Toy Sector Task Force Objectives: 1. The task force aims to achieve a 5 per cent share in the global toy market by 2032. 2. The task force will work towards achieving four objectives: integration with global value chains, strengthening manufacturing capabilities, resolving value chain bottlenecks, and enhancing ease of doing business. 3. The task force has set a target to increase exports of Indian toys by 20 per cent in the next two years. How many of the above statements are correct?

A.Only one
B.Only two
C.All three
D.None

Statement-1 is correct because it directly quotes from the fact list. Statement-2 is incorrect because it lists only four objectives when the fact list mentions six. Statement-3 is incorrect because there is no information about a target to increase exports by 20 per cent in two years.

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