Toys

The Indian Toy industry has experienced remarkable growth between 2015 and 2023, marked by a substantial decline in imports by 52% and a significant rise in exports by 239%, showcasing the nation's increasing self-sufficiency and emergence as a global competitor in the sector. The Government of India, in the past few years, has implemented various initiatives to boost domestic toy production and make Indian toys globally competitive. Regulations have been introduced to develop standardization in toy production and imports, ensure product safety, leverage Indian culture and craftsmanship in designing indigenous toys, promote toys as a learning resource, organizing hackathons and grand challenges for toy designing and manufacturing, as well as monitor the quality of toys coming into India. While the National Action Plan for Toys has provided the strategic and operational direction for accelerating the growth of the sector, strategic programming like the National Toy Fair has been instrumental in promoting indigenous toys, encouraging startups, and showcasing Indian craftsmanship on global platforms. 

These efforts have made the Indian toy industry grow rapidly, projected to reach $3 Bn by 2028, with a CAGR of 12% between 2022 and 2028. Moreover, the domestic industry has started expanding its footprint globally, with increased high-value exports to the Middle East and African countries.   To further position India as a competitive alternative to major toy manufacturing hubs in the Asian region, consistent collaborative efforts between the toy industry and the government are essential. These collaborations will help in advancements in technology, embracing e-commerce from domestic and cross-border trade, encouraging global partnerships, and developing the domestic value chain, while also collaborating with regional artisans to highlight India’s cultural diversity.