Toy business on sturdy development trajectory; exports up 40% over 5 years, ETCFO

India has grow to be a internet exporter of toys.

India’s toy business is on a robust development trajectory, with the potential to seize a bigger share of the worldwide toy market, which is projected to succeed in $ 179.4 billion by 2032, in line with a report by Punjab Nationwide Financial institution (PNB).

The report highlighted the business’s transformation, pushed by talent improvement, expertise adoption, and high quality enhancements.

It mentioned, “India’s toy business is well-positioned to seize a bigger share of the worldwide toy market, estimated to succeed in $ 179.4 billion by 2032.”

The Indian toy market, valued at round $ 1.5 billion in 2023, has witnessed important coverage help from the federal government.

The Union Price range 2025-26 reaffirms the significance of this sector via the announcement of the Nationwide Motion Plan for Toys. This scheme goals to spice up cluster improvement, improve abilities, and create a robust manufacturing ecosystem.

The main target is on producing high-quality, modern, and sustainable toys underneath the ‘Made in India’ model.

Authorities insurance policies over the previous few years have performed an important function in strengthening home manufacturing. The implementation of the High quality Management Order (QCO) in 2020 ensured stricter high quality requirements for toys.

Moreover, the federal government elevated import duties from 20% to 60% in February 2020 and additional to 70% in March 2023. These measures have considerably diminished toy imports whereas boosting home manufacturing.

The influence of those insurance policies is seen in commerce statistics. India’s toy imports have dropped sharply, from $ 304 million in FY2018-19 to only $ 65 million in FY2023-24, marking a 79% decline. In the meantime, exports have grown by 40% throughout the identical interval, rising from $ 109 million to $ 152 million. In consequence, India has grow to be a internet exporter of toys.

With a continued push in the direction of self-reliance, high quality enhancements, and a robust manufacturing ecosystem, India’s toy business is well-positioned for world enlargement. The sector’s development not solely strengthens the financial system but in addition aligns with the broader imaginative and prescient of creating India a world manufacturing hub.