New Delhi: Is the toy industry growing in India, The Indian toy industry is on a strong growth path due to the significant policies of the central government,
Punjab National Bank said in its report
The quality of toys was ensured through the implementation of quality control orders in 2020. It also increased import duties from 20 percent to 60 percent to significantly reduce imports and increase domestic production.
The Indian toy market, which was worth Rs 13,050 crore in 2023, has grown due to the significant policies of the government.
Moreover, the sector is estimated to reach Rs 15.61 lakh crore by 2032.
Imports
2018 – 2019: Rs 2,645 crore
2023 – 2024: Rs 566 crore, a 79 percent declineExports
2018 – 2019: Rs 948 crore
2023 – 2024: Rs 1,322 crore
Hyundai to explore shipbuilding in Tamil Nadu
Chennai: Hyundai Heavy Industries, the world’s leading shipbuilder, is said to be planning to set up a new construction site in India. In particular, Hyundai officials are said to have visited Chennai and Tuticorin in Tamil Nadu to conduct an inspection to set up a shipbuilding site.
Not only Tamil Nadu; they are also conducting inspections in Andhra Pradesh and Maharashtra. It has also been revealed that they are also trying to enter into an alliance with L&T.
A team of officials led by Ramachandran, Secretary of the Ministry of Ports, Shipping and Waterways, recently visited Korea to increase India’s shipbuilding capacity.
In this context, Hyundai has said that it plans to set up a modern construction site in India.
India has only one percent share in the global shipbuilding industry.
The target is to move up to the top 10 in the next five years and to move up to the top five by 2047.
Mahindra begins exploration of new plant in South Africa
Cape Town: Mahindra has signed a contract with the South African government’s Industrial Development Corporation to conduct a feasibility study for setting up a new plant in South Africa. The plant will be used to assemble imported components.
Mahindra already set up a plant in the country’s KwaZulu-Natal province in 2018. The plant has produced 25,000 vehicles, and the new contract has now been signed.
The agreement will assess the South African automotive sector’s subsidies, export potential and supply chain infrastructure. In addition, the study will help identify workforce development opportunities, logistics facilities and a suitable location for setting up a plant. It is also being investigated whether there is a suitable environment for electric vehicle production here.
Mahindra did not mention in the agreement that it will provide a full guarantee for setting up a plant here. It has been reported that decisions on investment will be taken after the study.
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