Apart from the importance of toys as the first friend of the children, the Prime Minister also emphasized the economic aspects of toys and gaming, he called it ‘Toyconomy. Modi said that global toy market is about 100 billion dollars and India haveonly 1.5 per cent of this market. India imports almost 80 per cent of its toys. This means that crores of rupees are being drained out of the country. This needs to change, said the Prime Minister. Modi underlined that, beyond numbers, this sector has the capacity to bring progress and growth to the neediest segments of society. Toy industry has its ownsmall-scale industry, artisans comprising of rural population, dalits, poor people and tribal population. Modi singled out the contribution of women in the sector. In order to take the benefits to these segments, we need 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. This is the inspiration behind events like Toyacathon, the PM said.