New Delhi, Feb 27 (KNN) India’s toy industry is on a robust growth trajectory, with the potential to capture a larger share of the global toy market, which is projected to reach USD 179.4 billion by 2032, according to a report by Punjab National Bank (PNB).

The industry is undergoing a transformation driven by skill development, technology adoption, and quality improvements.

The Indian toy market, valued at approximately USD 1.5 billion in 2023, has received significant policy support from the government, strengthening domestic manufacturing and reducing import dependence.

The Union Budget 2025-26 has reinforced the importance of the toy sector through the announcement of the National Action Plan for Toys. This initiative aims to promote cluster development, enhance skills, and establish a strong manufacturing ecosystem.

The focus is on producing high-quality, innovative, and sustainable toys under the ‘Made in India’ brand, further boosting India’s position in the global market.

Government interventions such as the implementation of the Quality Control Order (QCO) in 2020 and a series of import duty hikes—from 20 per cent in 2020 to 70 per cent in 2023—have significantly curbed toy imports while encouraging domestic production.

Trade data reflects this positive impact, with India’s toy imports plummeting from USD 304 million in FY2018-19 to just USD 65 million in FY2023-24, marking a 79 per cent decline.

At the same time, exports have surged by 40 per cent, rising from USD 109 million to USD 152 million. This has positioned India as a net exporter of toys.

With continued policy support, quality enhancements, and a focus on self-reliance, India’s toy industry is well-poised for global expansion, contributing to the nation’s vision of becoming a leading manufacturing hub.

(KNN Bureau)