India’s toy industry is experiencing significant growth, supported by policy measures and a focus on domestic manufacturing, according to a report by Punjab National Bank (PNB). The industry is positioned to expand its presence in the global toy market, which is projected to reach $179.4 billion by 2032.
The Indian toy market, valued at approximately $1.5 billion in 2023, has benefited from government initiatives such as the National Action Plan for Toys, introduced in the Union Budget 2025-26. The plan aims to enhance skills, foster cluster development, and strengthen the domestic manufacturing ecosystem, emphasizing high-quality, innovative, and sustainable toy production under the ‘Made in India’ initiative.
Policy measures over the past few years have played a key role in boosting local production. The introduction of the Quality Control Order (QCO) in 2020 set stricter quality standards, while increased import duties—rising from 20% in early 2020 to 70% by March 2023—have contributed to a sharp decline in toy imports. As a result, toy imports dropped by 79%, from $304 million in FY2018-19 to $65 million in FY2023-24. Meanwhile, toy exports rose 40% in the same period, growing from $109 million to $152 million, positioning India as a net exporter.
With continued investment in self-reliance, quality improvements, and a robust manufacturing ecosystem, India’s toy industry is on track for further expansion in global markets.
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