New Delhi, Feb 28 (SocialNews.XYZ) India’s fast-growing toy industry is poised to capture a larger share of the global toy market, which is estimated to reach $179.4 billion by 2032, according to a report by Punjab National Bank (PNB).
The report states that the growth in the toy industry is driven by skill development, technology adoption, and quality improvements, along with significant support from the government.
This is reflected in the trade figures, which show that India’s toy imports have declined by as much as 79 per cent from $304 million in FY2018-19 to $65 million in FY2023-24. Meanwhile, exports have grown by 40 per cent during the same period, rising from $109 million to $152 million. As a result, India has become a net exporter of toys.
Government policy has played a crucial role in strengthening domestic manufacturing in recent years, and the announcement of the National Action Plan for Toys in the Union Budget 2025-26 reaffirms the crucial importance of this sector. The action plan aims to further boost the toy industry through cluster development, enhancing skills and creating a strong manufacturing ecosystem for producing high-quality toys under the ‘Made in India’ brand.
The report points out that the implementation of the Quality Control Order (QCO) in 2020 ensured stricter quality standards for toys. Additionally, the government increased import duties from 20 per cent to 60 per cent in February 2020 and further to 70 per cent in March 2023. These measures have significantly reduced toy imports while boosting domestic production.
The report is in line with industry estimates that show the current market size of the industry is $1.7 billion and expected to reach $4 billion by 2032 with a 10.5 per cent annual growth rate.
With a continued push towards self-reliance, quality improvements, and a strong manufacturing ecosystem, India’s toy industry is well-positioned for global expansion. The sector’s growth not only strengthens the economy but also aligns with the broader vision of making India a global manufacturing hub.
The Indian toy industry has expanded its global presence to more than 100 countries, including the US, the UK, Germany, Netherlands, Denmark and even China and the next step for the toy manufacturers is to reach international consumers through the effective use of online mediums, a senior official of the Department for Promotion of Industry and Internal Trade (DPIIT) said.
As part of its strong commitment to create a better ecosystem for the toy industry, the Government of India has identified the sector as one of the champion sectors, with a long-term vision to create a global market for ‘Made in India’ toys. A cohesive approach is being followed by breaking the silos and working with industry in all aspects for enhancing the robustness of the sector, he added.
Source: IANS
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