India’s Toy Industry Poised For Global Growth, Says PNB Report

According to a Punjab National Bank (PNB) report, India’s toy industry is experiencing rapid growth, with strong potential to expand its share in the global toy market, which will likely reach $179.4 billion by 2032.

The report highlighted key factors driving this transformation, including advancements in skill development, technology adoption, and improved product quality.

“India’s toy industry is well-positioned to capture a larger share of the global toy market, estimated to reach USD 179.4 billion by 2032,” it said.

With an estimated market value of $1.5 billion in 2023, India’s toy sector has received significant policy support from the government.

The Union Budget 2025-26 reinforced this focus by introducing the National Action Plan for Toys, which aims to enhance skill development, foster cluster-based manufacturing, and promote innovation under the ‘Made in India’ initiative.

Government measures have played a crucial role in strengthening domestic production.

The introduction of the Quality Control Order (QCO) in 2020 set stricter standards for toy manufacturing, while higher import duties—rising from 20% in 2020 to 70% in 2023—have curbed imports and encouraged local production.

Trade data reflects the impact of these policies.

India’s toy imports have fallen sharply from $304 million in FY2018-19 to $65 million in FY2023-24, a 79% decline.

At the same time, toy exports have increased by 40%, reaching $152 million.

This shift has positioned India as a net exporter in the sector.

With continued policy support, improved quality, and a focus on self-reliance, India’s toy industry is likely to expand globally.

The sector’s growth not only strengthens domestic manufacturing but also aligns with India’s ambition to become a leading hub for toy production.

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