Indian toy industry on a strong development trajectory; Exports up to 40PC, imports below 79PC in 5 years: Report

According to a report by the Punjab National Bank (PNB), India’s toy industry is on a strong growth trajectory, which has the ability to capture a large part of the global toy market, which is expected to reach USD 179.4 billion by 2032.

The report highlighted the change of industry, which is powered by skill development, adoption of technology and improving quality.

It said, “India’s toy industry is well deployed to catch a large part of the global toy market, it is expected to reach USD 179.4 billion by 2032.”

In 2023, the Indian toy market worth about $ 1.5 billion has seen important policy support from the government.

The Union Budget confirms the importance of the region through the announcement of the National Action Plan for 2025-26 toys. The purpose of this scheme is to promote cluster development, enhance skills and create a strong manufacturing ecosystem.

The attention is on producing high quality, innovative and durable toys under the ‘Made in India’ brand.

Over the years, government policies have played an important role in strengthening domestic manufacturing. The implementation of the Quality Control Order (QCO) in 2020 ensured strict quality standards for toys.

Additionally, the government increased import duties from 20 percent to 60 percent in February 2020 and 70 percent in March 2023. These measures have reduced toy imports by promoting domestic production.

The effect of these policies appears in business data. In FY2018-19, India’s imports have declined rapidly from USD 304 million to only 65 million USD in FY2023-24, declining by 79 percent. Meanwhile, exports have increased by 40 percent during the same period, which is increased from USD 109 million to USD $ 152 million. As a result, India has become a pure exporter of toys.

India’s toy industry is well deployed for global expansion, with self -sufficiency, improvement in quality, and a strong manufacturing ecosystem. The growth of the region not only strengthens the economy, but also aligns India with the broad vision of making a global manufacturing center.