India’s Toy Industry Grows Strongly With Rise In Exports And Drop In Imports

Indian toy industry is not only healthy, it has shown strong growth trajectory. The industry has  the potential to capture a larger share of the global toy market, which is estimated to reach $179.4 billion by 2032, this has been revealed in a report produced  by the Punjab National Bank (PNB).

Highlighting the transformation of the industry, the report suggests that it has taken place driven by skill development, technology adoption, and quality improvements. It said, "India's toy industry is well-positioned to capture a larger share of the global toy market, estimated to reach $179.4 billion by 2032." The Indian toy market’s value stood at around $1.5 billion in 2023, and has seen significant policy support from the government.

The Union Budget 2025-26 also highlights the importance of this sector and  announced of the National Action Plan for Toys aiming to boost cluster development, skill enhancement, and create a strong manufacturing ecosystem. The focus is on producing high-quality, innovative, and sustainable toys under the 'Made in India' brand. 

The implementation of the Quality Control Order (QCO) in 2020 has ensured  stricter quality standards for toys. Additionally, the government has also increased import duties from 20% to 60% in February 2020 and further to 70% in March 2023. These measures resulted in significant reduction of toy imports while boosting domestic production.

The impact of these policies is also reflected  in trade statistics, with significant dropped of India's toy imports, from $304 million in FY2018-19 to just $65 million in FY2023-24, amounting to a decline of 79%. At the same time, exports have grown by 40% during the same period, rising from $109 million to $152 million. As a result, India has become a net exporter of toys.