Last Updated on July 7, 2026 9:56 pm by BIZNAMA NEWS
Focus on quality, policy support, and export-led growth propels sector; toy imports down 71% since 2019
By Our Business Correspondent
Finance Minister Nirmala Sitharaman on Tuesday emphasized the government’s strategic push to transform India into a global hub for toy manufacturing. Addressing a gathering organized by the Toy Association of India in New Delhi, the Minister highlighted that a multi-pronged approach—centered on enhanced quality standards, targeted policy support, and workforce skilling—is rapidly reshaping the domestic industry.
“India is building a globally competitive toy manufacturing ecosystem,” said Sitharaman, noting that initiatives such as the PM MUDRA scheme and the Remission of Duties and Taxes on Exported Products (RoDTEP) have been instrumental in helping domestic manufacturers scale production and enhance their competitive edge.
Export Growth and Market Reach The government’s focus on international trade agreements, particularly with the UAE and Australia, has provided Indian manufacturers with critical market access. These efforts have yielded significant results, with India’s toy exports touching $186 million in the 2025-26 fiscal year. Today, “Made in India” toys are reaching 153 countries, marking a significant expansion of the sector’s global footprint.
Strategic Shift Toward Self-Reliance A key indicator of the sector’s success in becoming self-reliant is the sharp reduction in dependency on foreign products. The Finance Minister pointed out that toy imports into India have plummeted by 71% since 2019, a trend driven by the industry’s pivot toward high-quality, indigenous manufacturing.
Future Outlook Looking ahead, the domestic toy market is projected to reach $5 billion by 2034. However, the Finance Minister urged the industry to be more ambitious. She emphasized that the country’s goal should not be limited to meeting domestic demand but to aggressively capture a larger share of the rapidly expanding global toy market.