New Delhi, July 7 (IANS). Union Finance Minister Nirmala Sitharaman on Tuesday called for the Indian toy industry to gain a larger share in the global market. He said that India should aim to achieve one-fourth or 25 percent share in the world toy business, which is estimated to reach $179 billion by the year 2032.
Addressing the 17th Toy Biz International B2B Expo 2026 organized by the Toy Association of India in the national capital, the Finance Minister said that even though the estimated size of India’s domestic toy market is $5 billion by 2034, the industry should keep an eye on much bigger global opportunities.
He said, “India’s toy market is estimated to reach $5 billion by 2034, but we have to understand the real situation. The global market is going to be $179 billion by 2032. In such a situation, we should set much more ambitious targets.”
Nirmala Sitharaman said that the stringent quality standards and regulatory reforms implemented by the government have given a new direction to the Indian toy industry.
He said that the Bureau of Indian Standards (BIS) has increased surveillance and strictness to ensure that only toys that meet safe and quality standards are sold in India.
“BIS strengthened its enforcement so that even if toys are imported, only safe and certified products enter the country. Unsafe toys were not allowed to reach airports and markets,” the Finance Minister said.
Nirmala Sitharaman said that the National Toy Action Plan announced in the Union Budget 2025-26 aims to establish India as a global toy manufacturing hub.
Under this scheme, manufacturing clusters will be developed, skill development will be promoted and a strong ecosystem will be created where high quality, innovation-based, sustainable and Indian culture based toys can be manufactured under the ‘Made in India’ brand.
He said, “We are not just talking about making more toys, but all the departments together are creating a framework that can encourage every aspect of toy manufacturing.”
Earlier on Tuesday, the government said that India’s toy exports are expected to increase from $152.7 million in 2017-18 to $384.7 million in 2025-26, showing an increase of more than 151.9 percent.
According to the government, strong domestic demand, support from government policies, traditional craftsmanship and increasing global acceptance of Indian toys are the major reasons behind the growth of the sector.
At the same time, exports of HSN 9503 category electronic and non-electronic toys increased from $ 77.35 million to $ 200.89 million, which is an increase of about 160 percent. America remained India’s largest export market in this category, where exports increased four times to about $111.9 million. Apart from this, Britain, Poland, Netherlands and Germany were also major markets.
Similarly, exports of video game consoles and related products (HSN 9504) increased almost three times to $ 46.75 million, while exports of festive and entertainment related products (HSN 9505) increased by almost 130 percent to $ 137.03 million.
The government said that the toy industry is now becoming an important source of manufacturing, employment and entrepreneurship. The sector is creating new livelihood opportunities for artisans, manufacturers, traders and small businesses across the country.
–IANS
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